SiriusXM Third Quarter Revenue Up 14%
November 1, 2012

SiriusXM Radio has reported its third quarter fiscal results for 2012, with revenue up 14 percent to $867 million from Q3 2011's revenue of $763 million. However, net income fell from $104 million to $75 million, including a loss on extinguishment of debt of $107 million in the third quarter of 2012.  Adjusted EBITDA for the third quarter of 2012 was $245 million, up 24 percent from $197 million a year ago.

Outgoing SiriusXM CEO Mel Karmazin commented, "SiriusXM delivered a very strong third quarter for our shareholders, with 446,000 net subscriber additions, double-digit growth, and record levels of revenue, adjusted EBITDA, and free cash flow.  The Company has produced more free cash flow in the first nine months of this year than in any full year in its history, and we've used this cash to reduce our debt to its lowest level since the merger of Sirius and XM."

He continued, "We're excited about the increase in subscriber guidance to 1.8 million net additions that we reported earlier this month, as we believe growth in the fourth quarter will continue.  We continue to make investments across our business, particularly in R&D, customer care, infrastructure, and programming.  We are also investing in new businesses, such as the telematics service we announced in the third quarter with Nissan, and we believe these investments will reward our shareholders in the years to come."

SiriusXM also touted record subscriber growth in Q3, as self-pay net subscriber additions improved by two percent year-over-year to 371,000, pushing the self-pay subscriber base to an all-time high of 19 million subscribers. The total paid subscriber base rose to a record high 23.4 million subscribers. Self-pay monthly churn was two percent in the third quarter of 2012, compared to 1.9 percent a year earlier.

The satcaster's free cash flow was $195 million in the third quarter, an improvement of 159 percent from $75 million in Q3 2011.

"Following the repurchase of approximately $868 million of our debt in the third quarter of 2012, SiriusXM ended the quarter with $556 million of cash. The company's leverage has improved dramatically in the past year, ending the third quarter at just 2.8x our adjusted EBITDA, down from 4.3x at the end of the third quarter of 2011," remarked David Frear, SiriusXM EVP/CFO. "By eliminating our two most expensive debt instruments in the third quarter, we will reduce our interest costs significantly, and with no debt maturing in the next two years we now have more flexibility to pursue strategic initiatives."

"Our increased subscriber guidance of approximately 1.8 million net additions shows we remain confident about growth in the fourth quarter," said Karmazin.  "We were pleased to raise our subscriber guidance for the third time this year." The company confirmed its 2012 subscriber, revenue, adjusted EBITDA and free cash flow guidance of:
Net subscriber growth approaching 1.8 million,
Revenue approaching $3.4 billion,
Adjusted EBITDA of approximately $900 million, and
Free cash flow of approximately $700 million.

Breaking News
CMG Tampa Appoints John E. Kage Dir. of Branding & Programming at Hot 101.5 FM
In Brief - November 25, 2015
November 24, 2015
FCC Fines Drawing Scrutiny In Congress
In Brief - November 24, 2015
November 23, 2015
Bill Hess Named OM At Cumulus-Washington, D.C.
In Brief - November 23, 2015
November 20, 2015
Adams Radio Group Of Delmarva Names Jay Gleason Operations Manager
iHeartRadio Presents Adele¹s Album Premiere Live from Joe¹s Pub 
Radio Mercury Awards Announces Advisory Council
November 19, 2015
Westwood One: The State of American Podcasting
Nielsen: Connecting With Political Millennials Through Music
Jacobs Media Webinar: 10 Mega Trends That Impact Radio
November 18, 2015
Republic Records Promotes Ben Adelson To SVP/A&R
Y100’s TC Wins Dancing with the Savannah Stars
Greater Media's Magic 106.7 To Become Boston's Christmas Station
November 17, 2015
Alissa Pollack To Be Honored At T.J. Martell Foundation’s 16th Annual New York Family Day
Cash Money Records Announces Annual Turkey Giveaways in Miami & New Orleans
Amanda "AJ" Malone Joins iHeartMedia/Indianapolis
Jacobs Media Blogs Radio’s Days as a Primary Traffic Source May Be Numbered
November 16, 2015
Pandora to Acquire Key Assets from Rdio
Apple To Close Beats Music
Entercom Adds Ashley O. To Mornings On WSFS/Miami
Music News
Adele Sells 3.38 Million Albums in the U.S., Debuts at #1
Adele Announces European Tour Dates
Quick Hits: Adele, Eagles of Death Metal, Charli XCX, Joe Jonas
Adele's 25 Smashes Sales Record
Quick Hits: Charlie Puth, Coldplay, Jack Ü
Bieber, One Direction Lead Billboard 200 Shakeup
One Direction, The Weeknd Win Multiple AMAs
Rihanna Announces Anti World Tour, Teases New Album
Foo Fighters Release Free EP
Quick Hits: Coldplay, U2, The Cure, Wilco
Chris Martin Talks Influences On New Coldplay Record
Quick Hits: Foo Fighters, Justin Bieber & One Direction, American Music Awards, Paris attacks, Tori Kelly
Adele's 25 Won't Be On Streaming Services
Quick Hits: Kelly Clarkson, Missy Elliott, Jimmy Eat World, Freddie Mercury, Bonnaroo
Zayn Malik Opens Up About One Direction Exit

Manny Simon
VP/Adult Formats,
Republic Records

FMQB Member Login

Not a member yet?
Sign up Now!
Sign Up for Breaking News!
Enter FMQB E-Tracking!