Subscriber revenue $1,680 $1,658 $1,645 $1,633
Advertising revenue $402 $443 $450 $477
Equipment revenue $50 $47 $43 $42
Other revenue $30 $30 $33 $36
Total revenue $2,162 $2,178 $2,171 $2,188 Cost of servicesRevenue share and royalties $703 $708 $707 $717
Programming and content $148 $139 $141 $146
Customer service and billing $115 $107 $109 $112
Transmission $58 $56 $56 $52
Cost of equipment $2 $2 $2 $3
Total cost of services $1,026 $1,012 $1,015 $1,030Subscriber acquisition costs $90 $92 $90 $97
Sales and marketing $217 $217 $206 $208
Product and technology $74 $60 $57 $62
General and administrative $105 $95 $110 $103
Depreciation and amortization $155 $156 $145 $123
Impairment, restructuring and other costs $32 $21 $3,388 $12
Legal settlements and reserves $0 $0 $0 $3
Former Parent Operating Costs $6 $6 $3 $0
Share-based payment expense $48 $48 $58 $44
Total operating expenses $1,753 $1,707 $5,072 $1,682Income from operations $409 $471 ($2,901) $506 Other income (expense), net
Interest expense ($129) ($126) ($124) ($117)
Other income (expense), net $29 $85 $28 $4
Total other expense ($100) ($41) ($96) ($113) Income (loss) before income taxes $309 $430 ($2,997) $393
Income tax (expense) benefit ($68) ($76) $39 ($106)
Net income $241 $354 ($2,958) $287Net income per common share:
Basic $0.72 $1.05 ($8.74) $0.85
Diluted $0.63 $0.74 ($8.74) $0.83
Weighted average common shares outstanding:
Basic 337 338 339 339
Diluted 373 378 339 359
Dividends declared per common share $0.266 $0.266 $0.266 $0.270
Adjusted EBITDA $650 $702 $693 $688
Margin 30.1% 32.2% 31.9% 31.4%
Gross Profit $1,136 $1,166 $1,156 $1,158
Margin 52.5% 53.5% 53.2% 52.9%
Contribution Margin $1,342 $1,361 $1,353 $1,356
Margin 62.1% 62.5% 62.3% 62.0%
Common Stock Shares Oustanding (1) 3,847 3,851 339 339
Common Stock Shares Repurchased 0.0 0.0 0.0 0.3
Common Stock Repurchased ($), including fees $0 $0 $0 $7 Dividends Paid $102 $103 $103 $92
$6,616
$1,773
$182
$128
$8,699$2,835
$575
$443
$220
$10
$4,083$369
$849
$252
$414
$578
$3,453
$3
$15
$200
$10,216($1,517)
($496)
$148 ($348)
($1,865) ($210) ($2,075)
($6.14)
($6.14)
338
338
$1.068
$2,732 31.4%
$4,616 53.1%
$5,411 62.2%
339
0.3
$7
$400
$1,602 $1,629 $1,629 $1,626
$394 $432 $455 $491
$41 $46 $43 $48
$31 $31 $32 $28
$2,068 $2,138 $2,159 $2,193$687 $722 $721 $720
$144 $141 $145 $152
$111 $109 $115 $109
$48 $44 $48 $46
$2 $2 $2 $3
$992 $1,018 $1,031 $1,030$100 $107 $107 $100
$176 $173 $176 $189
$63 $48 $54 $64
$108 $124 $115 $119
$144 $121 $141 $141
$48 $107 $9 $272
$0 $28 ($9) $11
$0 $0 $0 $0
$50 $47 $42 $41
$1,681 $1,773 $1,666 $1,967$387 $365 $493 $226
($117) ($116) ($115) ($111)
($1) $15 $10 $20 ($118) ($101) ($105) ($91)
$269 $264 $388 $135 ($65) ($59) ($91) ($36)
$204 $205 $297 $99$0.60 $0.61 $0.88 $0.29
$0.59 $0.57 $0.84 $0.24
339 338 337 336
357 357 356 356
$0.270 $0.270 $0.270 $0.270
$629 $668 $676 $691 30.4% 31.2% 31.3% 31.5%
$1,076 $1,120 $1,128 $1,163 52.0% 52.4% 52.2% 53.0%
$1,268 $1,305 $1,321 $1,361 61.3% 61.0% 61.2% 62.1%
339 337 337 335
1.1 2.1 0.9 2.2
$25 $45 $20 $46
$91 $92 $91 $91
$6,486
$1,772
$178
$122
$8,558$2,850
$582
$444
$185
$9
$4,070$414
$714
$229
$466
$547
$436
$30
$0
$181
$7,087$1,471
($459)
$44 ($415)
$1,056 ($251)
$805$2.38
$2.23
338
357
$1.080
$2,665 31.1%
$4,488 52.4%
$5,255 61.4%
335
6.2
$136
$365
$1,612 $1,638
$407 $454
$41 $36
$31 $32
$2,091 $2,160$697 $722
$137 $137
$105 $108
$45 $48
$2 $1
$986 $1,016$100 $109
$176 $176
$59 $47
$104 $121
$151 $165
$6 $6
$1 $0
$0 $0
$54 $48
$1,637 $1,688$454 $472
($112) ($112)
($16) ($48)
($128) ($160)
$326 $312
($81) ($73)
$245 $239
$0.73 $0.71
$0.72 $0.70
336 337
338 342
$0.270 $0.270
$666 $691
31.9% 32.0%
$1,105 $1,144
52.8% 53.0%
$1,287 $1,329
61.5% 61.5%
336 337
1.0 0.2
$21 $6
$91 $91
1Q | 2Q | 3Q | 4Q | FY | 1Q | 2Q | 3Q | 4Q | FY | 1Q | 2Q | |||
Total Company | ||||||||||||||
Net income (loss): | $241 | $354 | ($2,958) | $287 | ($2,075) | $204 | $205 | $297 | $99 | $805 | $245 | $239 | ||
Add back items excluded from Adjusted EBITDA: | ||||||||||||||
Legal settlements and reserves | $0 | $0 | $0 | $3 | $3 | $0 | $28 | ($9) | $11 | $30 | $1 | $0 | ||
Former Parent operating costs | $6 | $6 | $3 | $0 | $15 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | ||
Impairment, restructuring and other costs | $32 | $21 | $3,388 | $12 | $3,453 | $48 | $107 | $9 | $272 | $436 | $6 | $6 | ||
Share-based payment expense | $48 | $48 | $58 | $44 | $200 | $50 | $47 | $42 | $41 | $181 | $54 | $48 | ||
Depreciation and amortization | $155 | $156 | $145 | $123 | $578 | $144 | $121 | $141 | $141 | $547 | $151 | $165 | ||
Interest expense | $129 | $126 | $124 | $117 | $496 | $117 | $116 | $115 | $111 | $459 | $112 | $112 | ||
Other (income) expense, net | ($29) | ($85) | ($28) | ($4) | ($148) | $1 | ($15) | ($10) | ($20) | ($44) | $16 | $48 | ||
Income tax expense | $68 | $76 | ($39) | $106 | $210 | $65 | $59 | $91 | $36 | $251 | $81 | $73 | ||
Adjusted EBITDA | $650 | $702 | $693 | $688 | $2,732 | $629 | $668 | $676 | $691 | $2,665 | $666 | $691 | ||
Free cash flow | $88 | $317 | $93 | $516 | $1,015 | $56 | $402 | $257 | $541 | $1,256 | $171 $593 | |||
Supplemental Information | ||||||||||||||
Cash and cash equivalents | $135 | $188 | $127 | $162 | $162 | $127 | $92 | $79 | $94 | $94 | $75 | $174 | ||
Total debt | $11,136 | $10,826 | $10,726 | $10,375 | $10,375 | $10,466 | $10,197 | $10,077 | $9,706 | $9,706 | $9,747 | $9,455 | ||
1Q | 2Q | 3Q | 4Q | FY | 1Q | 2Q | 3Q | 4Q | FY | 1Q | 2Q | |||
SiriusXM Stand-alone Metrics | ||||||||||||||
Subscriber revenue | $1,547 | $1,520 | $1,510 | $1,499 | $6,076 | $1,470 | $1,499 | $1,497 | $1,494 | $5,960 | $1,483 | $1,508 | ||
Advertising revenue | $40 | $43 | $41 | $43 | $167 | $39 | $38 | $39 | $41 | $157 | $35 | $41 | ||
Equipment revenue | $50 | $47 | $43 | $42 | $182 | $41 | $46 | $43 | $48 | $178 | $41 | $36 | ||
Other revenue Total revenue Cost of services | $30 | $30 | $33 | $36 | $128 | $31 | $31 | $32 | $28 | $122 | $31 $32 $1,590 $1,617 | |||
$1,667 | $1,640 | $1,627 | $1,620 | $6,553 | $1,581 | $1,614 | $1,611 | $1,611 | $6,417 | |||||
Revenue share and royalties | $395 | $391 | $390 | $388 | $1,565 | $379 | $391 | $384 | $388 | $1,542 | $377 | $382 | ||
Programming and content | $132 | $127 | $129 | $130 | $517 | $129 | $128 | $130 | $135 | $521 | $123 | $124 | ||
Customer service and billing | $96 | $86 | $90 | $92 | $364 | $93 | $90 | $96 | $91 | $370 | $85 | $90 | ||
Transmission Cost of equipment Total cost of services | $49 $2 | $48 $2 | $47 $2 | $41 $3 | $186 $10 | $41 $2 | $37 $2 | $41 $2 | $39 $3 | $157 $9 | $37 $39 $2 $1 $624 $636 | |||
$674 | $654 | $658 | $654 | $2,642 | $644 | $648 | $653 | $656 | $2,599 | |||||
Gross Profit | $993 | $986 | $969 | $966 | $3,911 | $937 | $966 | $958 | $955 | $3,818 | $966 | $981 | ||
Gross Margin | 60% | 60% | 60% | 60% | 60% | 59% | 60% | 59% | 59% | 59% | 61% | 61% | ||
ARPU | $15.36 | $15.24 | $15.16 | $15.11 | $15.21 | $14.86 | $15.22 | $15.19 | $15.17 | $15.11 | $14.99 | $15.32 | ||
SAC, per installation | $12.50 | $13.85 | $14.67 | $17.19 | $14.55 | $18.86 | $18.04 | $19.37 | $16.59 | $18.21 | $18.80 | $21.32 | ||
Subscriber metrics shown in thousands | ||||||||||||||
Self-pay Ending Subscribers Paid Promotional Ending Subscribers Ending Subscribers | 31,583 1,847 | 31,484 1,773 | 31,497 1,659 | 31,646 1,580 | 31,646 1,580 | 31,343 1,521 | 31,275 1,522 | 31,235 1,573 | 31,345 1,582 | 31,345 1,582 | 31,234 31,255 1,545 1,614 32,779 32,869 | |||
33,430 | 33,257 | 33,156 | 33,226 | 33,226 | 32,864 | 32,797 | 32,808 | 32,927 | 32,927 | |||||
Self-pay Net Addtions | (359) | (100) | 14 | 149 | (296) | (303) | (68) | (40) | 110 | (301) | (111) 22 | |||
Paid Promotional Net Additions Net Additions Average Self-Pay Monthly Churn | (86) | (73) | (114) | (79) | (353) | (59) | 2 | 51 | 8 | 2 | (37) 68 (148) 90 1.5% 1.4% | |||
(445) 1.7% | (173) 1.5% | (100) 1.6% | 70 1.5% | (649) 1.6% | (362) 1.6% | (66) 1.5% | 11 1.6% | 118 1.4% | (299) 1.5% | |||||
Pandora Stand-alone Metrics | ||||||||||||||
Subscriber revenue Advertising revenue Total revenue | $133 $362 | $138 $400 | $135 $409 | $134 $434 | $540 $1,606 | $132 $355 | $130 $394 | $132 $416 | $132 $450 | $526 $1,615 | $129 $130 $372 $413 $501 $543 | |||
$495 | $538 | $544 | $568 | $2,146 | $487 | $524 | $548 | $582 | $2,141 | |||||
Cost of services | ||||||||||||||
Revenue share and royalties | $308 | $317 | $317 | $329 | $1,270 | $308 | $331 | $337 | $332 | $1,308 | $320 | $340 | ||
Programming and content | $16 | $12 | $12 | $16 | $58 | $15 | $13 | $15 | $17 | $61 | $14 | $13 | ||
Customer service and billing Transmission Total cost of services | $19 $9 | $21 $8 | $19 $9 | $20 $11 | $79 $34 | $18 $7 | $19 $7 | $19 $7 | $18 $7 | $74 $28 | $20 $18 $8 $9 $362 $380 | |||
$352 | $358 | $357 | $376 | $1,441 | $348 | $370 | $378 | $374 | $1,471 | |||||
Gross Profit | $143 | $180 | $187 | $192 | $705 | $139 | $154 | $170 | $208 | $670 | $139 | $163 | ||
Gross Margin | 29% | 33% | 34% | 34% | 33% | 29% | 29% | 31% | 36% | 31% | 28% | 30% | ||
Monthly Active Users - All Services (in thousands) | 45,023 | 45,129 | 43,721 | 43,344 | 43,344 | 42,357 | 42,684 | 41,562 | 41,112 | 41,112 | 40,068 | 39,763 | ||
Ad Supported Listener Hours (in billions) | 2.49 | 2.60 | 2.47 | 2.39 | 9.94 | 2.35 | 2.58 | 2.49 | 2.33 | 9.75 | 2.22 | 2.35 | ||
RPM | $90.88 | $98.99 | $104.50 | $108.37 | $100.59 | $87.23 | $85.97 | $91.24 | $103.40 | $91.78 | $84.11 | $87.67 | ||
Self-pay Subscribers (in thousands) | 5,992 | 5,951 | 5,875 | 5,774 | 5,774 | 5,705 | 5,706 | 5,691 | 5,630 | 5,630 | 5,597 | 5,597 | ||