Sirius XM still sees 2024 revenue $8.75B, consensus $8.75B

Still sees 2024 adjusted EBITDA $2.7B. Now sees 2024 free cash flow of approximately $1.0B. “Today SiriusXM embarks on a new phase in our journey as an independent public company, building on our leading position in audio entertainment,” said CEO Jennifer Witz. “As we enter our next phase as an independent company, we expect SiriusXM to continue delivering solid, profitable results,” said CFO Thomas Barry. “After completing the transaction, which had the effect of reducing our outstanding common stock by approximately 12% before giving effect to the 1 for 10 adjustment, our capital allocation priorities are consistent: investing in our business, focusing in the near- to mid-term on reducing debt to return to our long-term target leverage, and continuing our capital return posture. In connection with our first day as an independent company, we have reiterated our revenue and adjusted EBITDA guidance and incorporated the impact of the transaction in our updated free cash flow guidance.”