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Sirius XM Holdings Inc - Stock Quote SIRI

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Morningstar's Sirius XM Holdings Inc Stock Analysis

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Sirius XM Posts Decent 2022 Start Despite Sub Losses; Auto Supply Issues Should Abate in Second Half

Neil Macker, CFA Senior Equity Analyst

Analyst Note

| Neil Macker, CFA |

Sirius XM posted a slightly stronger-than-expected start to a challenging 2022 as revenue exceeded and EBITDA met FactSet consensus expectations. The SiriusXM service lost 25,000 self-pay customers in the quarter, in line with the weak annual guidance of only 500,000 net additions, which management reiterated. The net loss was, as expected, due to the constrained auto inventory in the U.S. in the second half of 2021 as churn remained steady at 1.6%. Management continues to expect that most of the net adds for the year will occur in the second half and has seen some improvement in the paid subscriber funnel. We are maintaining our narrow moat and our $8.25 fair value estimate.

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Sirius XM Holdings Inc's Company Profile

Business Description

SiriusXM Holdings is now composed of two businesses: SiriusXM and Pandora. SiriusXM transmits music, talk shows, sports, and news via its two satellite radio networks, primarily to consumers in vehicles who pay a subscription fee. The firm’s radios come preinstalled on a wide range of light vehicles in the U.S. and Canada. The firm acquired Pandora Media in February 2019 via an all-stock transaction. Pandora is a streaming music platform that offers an ad-supported radio option and a paid on-demand service. Liberty Media owns 80% of SiriusXM, traded through its Liberty SiriusXM Group tracking stock.

1221 Avenue of the Americas, 35th Floor
New York, NY, 10020
T +1 212 584-5100
Sector Communication Services
Industry Broadcasting
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Aggressive Growth
Employees 5,590

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