CEO Jim Meyer said second-quarter results demonstrated continued strong demand for SiriusXM’s content bundle and solid execution by his team. “We grew net new subscribers by 587,000 in the second quarter, and our subscriber base, revenue, adjusted EBITDA, and free cash flow have never been higher.” Net income of $173 million in Q2 is up 68% over Q2 2015. For the year, SiriusXM has added 1 million new subs, about 6,000 every day. The company is also raising guidance for the full year.
Meyer said he sees good economic conditions ahead and SiriusXM will achieve all of its 2016 targets. Eventually, Meyer expects to be in 3/4 of all automobiles in the United States. SiriusXM has been working hard to get trials in used cars as well as its program to give free trials to new car buyers. The company now has relationships with 6,000 independent dealers.
Meyer says consumers are willing to pay for SiriusXM because it is easy to use and it has great content. SiriusXM took in $1.24 billion in revenue in the second quarter, a 10% increase over the second quarter of 2015. The company has 30.6 million subscribers and there are 88 million vehicles on the road with the service.
