Sirius XM Clocks 8 Percent Revenue Growth in FY21 Backed by Subscriber Addons; Declares Special Cash Dividend

By Benzinga
February 2, 2022 Updated: February 2, 2022

Sirius XM Holdings Inc. reported FY21 revenue growth of 8 percent year-on-year to $8.7 billion.

Sirius reported fourth-quarter FY21 revenue growth of 4 percent Y/Y to $2.28 billion above the consensus of $2.25 billion.

CEO Jennifer Witz said, “2021 was an outstanding year across the board. We added more than one million net new SiriusXM self-pay subscribers for the tenth time in the past 11 years; this growth continues to be sustained by a fifth straight year of improving churn.”

FY21 Segments

SiriusXM segment revenue grew 4 percent Y/Y to $6.62 billion as ARPU rose 5 percent to $14.76 and self-pay subscribers improved 4 percent. The gross margin contracted 100 bps to 61 percent.

Pandora segment advertising revenue increased 30 percent Y/Y to $1.54 billion, boosted by solid monetization and Stitcher acquisition. The gross margin expanded 600 bps to 36 percent.

Subscriber revenue expanded 3.8 percent Y/Y to $6.6 billion. Advertising revenue increased 29.1 percent Y/Y to $1.73 billion.

The FY21 EPS was $0.32. The Q4 EPS of $0.08 beat the consensus of $0.07.

FY21 Others

Adjusted EBITDA climbed 8 percent Y/Y to $2.77 billion.

Sirius generated $2 billion in operating cash flow and held $199 million in cash and equivalents. Free cash flow was $1.83 billion.


The board declared a special cash dividend of $0.25 per share.

FY22 Outlook

Sirius sees revenue of $9 billion, marginally higher than the consensus of $8.9 billion. It considers an adjusted EBITDA of $2.8 billion and a free cash flow of $1.55 billion.

By Anusuya Lahiri

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