SiriusXM has posted a record third quarter revenue of $1.5 billion, a year-on-year increase of 6%.

The company’s net income totaled $343 million in Q3 2018, representing year-on-year growth of 24%.

According to SiriusXM, its Q3 revenue growth of 6% was driven by a 5% increase in subscribers and an increase of nearly 1% – after ‘an accounting change’ – in average revenue per user (ARPU) to $13.48.

SiriusXM added 298,000 new paid subscribers in Q3 2018 to end the period with approximately 28.5 million ‘self-pay’ subscribers, with its total subscriber base now at 33.7m

Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) in the third quarter reached a record $589 million, up 7% over Q3 2017, which SirisXM attributes to lower subscriber acquisition costs and fixed operating expenses as a percentage of revenue.

The company’s record adjusted EBITDA margin of 40.1% in the quarter is also the first time the Company has topped 40%

Jim Meyer, Chief Executive Officer, SiriusXM said: “SiriusXM’s standout third quarter saw continued strength in subscriber additions and churn performance while adjusted EBITDA reached a quarterly record-high $589 million.

“Our revenue growth, adjusted for the change in generally accepted accounting principles that was effective January 1st, totaled 8% in the quarter. Source: MBW