On Wednesday, SiriusXM Holdings announced that it is changing its full-year 2020 guidance for net additions of SiriusXM self-pay subscribers to about 700,000 — up from the 500,000 projected in a July 30 statement.
The company reiterated the rest of its financial guidance, including total revenue of about $7.7 billion, adjusted EBITDA of about $2.4 billion, and free cash flow approaching $1.6 billion.
"Our business continues to demonstrate strong performance and favorable trends since we resumed providing our subscriber and financial guidance in conjunction with our second quarter earnings report.
“Our conversion and churn performance remain excellent, and it's clear that demand for SiriusXM remains strong,” said SiriusXM CEO Jim Meyer.
In addition to consumers’ appreciation of the audio bundle’s entertainment value, improving new-car sales and rising new-car penetration rates “have led to a robust trial funnel that we believe bodes well for the coming quarters," he said.