SiriusXM Reports Q4 and 2023 Full Year Financials
Satellite and digital broadcaster SiriusXM reports its operating results for the fourth quarter of 2023 and the full year of 2023. For Q4, the company reports total revenue was basically flat at $2.28 billion compared to the same period in 2022. For the full year of 2023, total revenue was $8.9 billion, down just a half percent from the full year of 2022. For Q4, SiriusXM reports net income of $350 million, a decline of 3.5% from Q4 of 2022. For the full year of 2023, net income was $1.25 billion, up 3.7% over the net
income of $1.21 billion reported for the full year of 2022. The company says, “SiriusXM added approximately 131,000 new self-pay subscribers in the fourth quarter of 2023. For the full-year 2023, self-pay subscribers decreased by 445,000 and we ended 2023 with approximately 34 million total subscribers.” SiriusXM CEO Jennifer Witz comments, “In 2023, SiriusXM laid the groundwork for future growth through the successful launch of our next-generation platform and the new SiriusXM app. Our commitment to growth was also demonstrated by strategic content investments that expanded our reach to new listeners and by staying true to our identity as a hub for curated, live and on-demand audio experiences. As we look to 2024, our guidance reflects substantial efforts and investments to enhance the value proposition of our subscription and advertising businesses, which we believe will strengthen our long-term growth profile.”
compensation expense, debt modification costs, gains and losses on the sale or disposition of assets, impairments, depreciation expense and amortization expense increased 0.2% to $61.0 million. The company reports a net loss of $31.3 million for the quarter, an increase of 163% over the same period in 2022. Salem presents operating results by segment and reveals that its Broadcast segment’s revenue was $49 million, down 4.2% year-over-year; its Digital Media segment’s revenue was $10 million, down 2.2%; and the Publishing segment’s revenue was $4.6 million, a decline of 17.5%. 
Broadcast revenue decreased 5.3% to $49.7 million from $52.5 million; Station Operating Income decreased 43.5% to $6.2 million from $10.9 million; Same Station net broadcast revenue decreased 5.8% to $49.4 million from $52.4 million; and Same Station operating income decreased 37.7% to $6.8 million from $10.9 million. Digital Media revenue increased 0.5% to $10.9 million from $10.8 million, and Publishing revenue decreased 3.5% to $5.2 million from $5.4 million. Salem reports that as of June 30, 2023, the company was not in compliance with its fixed charge coverage ratio. On August 7, 2023 it signed a forbearance whereby the bank agreed not to exercise remedies on the default during the month of August. Additionally, the notional amount of the revolver was reduced from $30 million to $25 million with a minimum availability of $1 million. The interest rate associated with the revolver increased by two percentage points effective July 1, 2023 through the date of the forbearance amendment.
2022. Salem reports in segments and for the fourth quarter of 2022, net Broadcast revenue increased 4.5% to $53.3 million from $51 million in the same period in 2021. However, Digital media revenue decreased 10.3% to $10.4 million from $11.6 million in Q4 of 2021. The Publishing segment decreased 21.3% to $5.2 million from $6.5 million in the same period a year ago. For the full year of 2022, net Broadcast revenue increased 7.2% to $205.3 million from $191.4 million in 2021. Digital media revenue decreased 1.2% to $41.7 million from $42.2 million, and Publishing revenue decreased 18.9% to $20 million from $24.6 million in 2021. Looking ahead, Salem offers guidance for the first quarter of 2023, saying, “The company is projecting total revenue to be between flat and a decline of 2% from the first quarter 2022 total revenue of $62.6 million.”
