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SiriusXM (SIRI) has reported a 51.99 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $204.63 million, or $0.04 a share in the quarter, compared with $134.63 million, or $0.03 a share for the same period last year.
Revenue during the quarter grew 8.93 percent to $1,303 million from $1,196.15 million in the previous year period. Gross margin for the quarter contracted 172 basis points over the previous year period to 45.73 percent. Total expenses were 74.71 percent of quarterly revenues, down from 75.43 percent for the same period last year. This has led to an improvement of 72 basis points in operating margin to 25.29 percent.
Operating income for the quarter was $329.56 million, compared with $293.87 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $474.75 million compared with $369.24 million in the prior year period. At the same time, adjusted EBITDA margin improved 557 basis points in the quarter to 36.44 percent from 30.87 percent in the last year period.
"Last year was a phenomenal year for SiriusXM’s business, and we expect continued success in 2017. We finished ahead of our guidance across the board, with record revenue, adjusted EBITDA and free cash flow. With more than 31 million subscribers, SiriusXM has never had more paying customers. We've issued guidance for continued growth in 2017, and we expect a record adjusted EBITDA of more than $2 billion," said Jim Meyer, chief executive officer, SiriusXM.
For fiscal year 2017, Sirius Xm Radio forecasts revenue to be $5,300 million.
Operating cash flow improves significantly
SiriusXM Radio has generated cash of $1,719.24 million from operating activities during the year, up 38.20 percent or $475.19 million, when compared with the last year. The company has spent $210.12 million cash to meet investing activities during the year as against cash outgo of $138.86 million in the last year.
The company has spent $1,407.01 million cash to carry out financing activities during the year as against cash outgo of $1,141.08 million in the last year period.
Cash and cash equivalents stood at $213.94 million as on Dec. 31, 2016, up 91.29 percent or $102.10 million from $111.84 million on Dec. 31, 2015.
Working capital remains negative
Working capital of SiriusXM Radio was negative $2,025.95 million on Dec. 31, 2016 compared with negative $1,934.60 million on Dec. 31, 2015. Current ratio was at 0.24 as on Dec. 31, 2016, up from 0.23 on Dec. 31, 2015.
Cash conversion cycle (CCC) has increased to 37 days for the quarter from 35 days for the last year period. Days sales outstanding went down to 8 days for the quarter compared with 9 days for the same period last year.
Days inventory outstanding was almost stable at 1 days for the quarter, when compared with the last year period. At the same time, days payable outstanding was almost stable at 46 days for the quarter, when compared with the previous year period.
Debt moves up
SiriusXM Radio has witnessed an increase in total debt over the last one year. It stood at $5,848.25 million as on Dec. 31, 2016, up 7.34 percent or $399.87 million from $5,448.38 million on Dec. 31, 2015. Total debt was 73.07 percent of total assets as on Dec. 31, 2016, compared with 67.71 percent on Dec. 31, 2015. Interest coverage ratio improved to 4.10 for the quarter from 3.81 for the same period last year. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
