SiriusXM has reported its financial results for 2012's fourth quarter and full year. For all of 2012, revenue was up 13 percent to $3.4 billion from $3 billion in 2011. Net income grew to $3.5 billion last year, due in part to a $3 billion income tax benefit, though it also included a $133 million loss on extinguishment of debt. Adjusted EBITDA was up 26 percent to $920 million.

In Q4, revenue was up 14 percent to $892 million, from $784 million a year earlier. Net income grew to $156 million in the fourth quarter, while adjusted EBITDA was up 38 percent to $230 million.

"Thanks to the outstanding team at SiriusXM, we capped a great 2012 with a strong fourth quarter, adding more than 500,000 net new subscribers and attaining outstanding revenue, adjusted EBITDA, and free cash flow. SiriusXM also returned capital to shareholders for the first time in the history of satellite radio through a $327 million special cash dividend in December.  We are confident in our guidance for growth in 2013 and continue to be sharply focused on enhancing shareholder value, including through our recently announced common stock repurchase program that we are initiating this year," said SiriusXM CEO Jim Meyer.

"We continue to broaden our Internet capabilities to expand the user experience and strengthen our in-vehicle technologies.  We are thrilled to announce that our personalized radio feature, MySXM, is now in public beta testing and will be available to our Internet subscribers in the near future.  We are committed to ensuring SiriusXM's long-term leadership in audio and data services, particularly in vehicles, and we will do that by continuing to innovate and improve our technology, programming, and customer care," added Meyer.

SiriusXM EVP/CFO David Frear remarked, "In 2012, we took significant steps to strengthen SiriusXM's balance sheet.  We paid down more than $1 billion of short maturity, high-coupon debt and replaced it with $400 million of 10 year, 5.25% debt and a $1.25 billion undrawn revolving credit facility. We ended the year with more than $520 million of cash after paying a special cash dividend in December that totaled $327 million. With debt to adjusted EBITDA falling from 4.1x at December 2011 to under 2.7x at December 2012, we are below our leverage target and have ample liquidity to pursue strategic opportunities and return capital to stockholders through our $2 billion stock buyback program."

The satcaster also reaffirmed its guidance for 2013, expecting revenue of over $3.7 billion, adjusted EBITDA over $1.1 billion, free cash flow approaching $900 million and total net subscriber additions of approximately 1.4 million.