SiriusXM expects to grow its self-pay subscriber base in the second quarter despite the novel coronavirus pandemic, CEO Jim Meyer said during the audio entertainment giant's virtual annual shareholder meeting. Details:
SiriusXM expects to grow its self-pay subscriber base in the current second quarter despite headwinds from the novel coronavirus pandemic, CEO Jim Meyer said on Thursday during the audio entertainment giant's virtual annual shareholder meeting.
Meyer in his prepared remarks said the company has "maintained a very strong" level of liquidity, "and I have no concerns here." He cited SiriusXM's strong free cash flow and reductions on spending in such areas as hiring, highlighting that the firm plans to continue paying its dividend and restarted stock buybacks after its first-quarter earnings call.
The SiriusXM CEO on Thursday also said car sales trends have been better than management had feared, particularly in retail sales, which are more important for the company as they exclude rental car segment sales. "I see that as a very encouraging sign for car sales going forward," Meyer said.
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