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Sirius XM (NASDAQ:SIRI) is trading up 2.6% pre-market after beating Q3 estimates on the top and bottom lines and increasing the full-year outlook.
In Q3, SIRI added 169K net new self-paid subscriber, topping the 124K loss that analysts expected. The monthly churn was 1.7%, flat on the prior year's quarter.
Monthly ARPU was up 2% Y/Y with the subscription component up 3%.
Pandora: Ad revenue was down 3% on the year the service shed 4.5M MAUs during the period.
Guidance: Sirius now expects self-pay net subscriber adds of 800K (prior estimate: +700K), total revenue of about $7.85B (prior: $7.7B; consensus: $7.78B), adjusted EBITDA around $2.475B (prior: $2.4B; consensus: $2.43B), and FCF of $1.6B (consensus: $1.67B).
"The steady churn of 1.7% we saw in the third quarter was outstanding, particularly against a backdrop of rebounding auto sales and the vehicle-related churn which results from higher sales. Our new guidance implies that we will finish the year with self-pay net additions close to 90% of what we originally projected - an extraordinary performance in this year's environment. And the team delivered terrific results by driving a sequential jump of 46% in our advertising revenue in the third quarter," says departing CEO Jim Meyer.
