Summary by Moomoo AI
Sirius XM reported Q3 2024 total revenue of $2.17B, down 4% YoY, with a net loss of $2.96B primarily due to a $3.36B non-cash impairment charge related to the Liberty Media transaction. The company maintained adjusted EBITDA of $693M with a 32% margin, though down 7% YoY. Self-pay subscriber additions were 14,000 in Q3, showing improvement from prior quarters.The company reduced its full-year 2024 revenue guidance to $8.675B due to softer advertising revenue, while reaffirming adjusted EBITDA guidance of $2.7B and free cash flow of $1B. Q3 free cash flow was $93M, impacted by $72M in transaction-related costs. The Pandora segment saw podcast advertising revenue grow 6%, though monthly active users declined 6% YoY to 43.7M.CEO Jennifer Witz highlighted progress in transforming SiriusXM post-Liberty transaction, focusing on strengthening subscriptions and advertising offerings. CFO Tom Barry noted the company remains on track to achieve $200M in cost savings for 2024 through optimization efforts, while maintaining strong margins despite revenue headwinds.
