Sirius XM CEO Witz Reiterates $1.375 Billion Free Cash Flow Guidance

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Sirius XM CEO Jennifer Witz told Goldman Sachs' Communacopia + Technology Conference that the company reiterated free-cash-flow guidance of $1.375 billion this year and $1.5 billion next year, up from $1.25 billion last year, supported by $100 million in planned gross cost savings and lower satellite-fleet capital spending as that investment cycle completes next year. Witz said second-quarter advertising revenue rose 5% and churn was 1.4%, and that the company is expanding its SiriusXM with 360L platform, used by roughly 20% of self-pay subscribers and expected in just over 60% of new-car sales by year-end. Sirius XM is launching lower-priced offerings including a $5-per-month Sports Pass and a $7-per-month ad-supported Play plan, and is broadening advertising partnerships with SoundCloud, Amazon, Apple and YouTube, where it expects to reach 255 million monthly listeners. Witz said the company is evaluating a sale, lease, joint venture or other commercialization of its spectrum holdings, including 25 MHz of S-band spectrum and 5 MHz on either side in WCS blocks acquired in 2024, prioritizing value over speed. She said Sirius XM has reached its target leverage ratio and intends to prioritize investment in the business, maintain leverage and return excess capital to shareholders, including through share repurchases.

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Sirius XM reiterated $1.375B free cash flow guidance for this year and $1.5B next year, supported by $100M in planned gross cost savings and lower satellite-fleet capex as the investment cycle completes.

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