SiriusXM Reports 11% Increase In Q1 Revenue
April 24, 2014

SiriusXM has reported its first quarter financial results for 2014, with revenue of $998 million, an 11 percent increase over Q1 of 2013, when the satcaster's revenue was $897 million. Net income reached $94 million in the quarter, adjusted for a non-recurring item associated with accounting for the Liberty Media stock repurchase agreement and purchase price accounting adjustments from the Sirius and XM merger, net of taxes, resulted in adjusted net income of $121 million, a 46 percent increase over $83 million in last year's first quarter. Adjusted EBITDA for the first quarter of 2014 reached a record $335 million, up 28 percent from $262 million in the first quarter of 2013.

"SiriusXM performed ahead of our expectations in the first quarter, with 266,799 net subscriber additions including 173,480 self-pay net additions. For the ninth consecutive quarter we grew revenue at a double digit pace, and once again we set a new quarterly record for adjusted EBITDA and adjusted EBITDA margin. Free cash flow grew 56 percent compared to the prior year to a new first quarter record, and we resumed our stock repurchase program, helping to drive free cash flow per share up 64 percent," stated SiriusXM CEO Jim Meyer.

"Our business continues to perform well. New car installations and trial conversions set first quarter records, and our trial funnel stands near an all-time high at 6.9 million. We are excited about this year's strong growth of subscribers, revenue, adjusted EBITDA, and free cash flow, and we are eager to continue deploying our capital to benefit our stockholders and grow free cash flow per share even faster," added Meyer.

Net subscriber additions in the first quarter of 2014 were 266,799. The total paid subscriber base reached a record 25.8 million, up six percent from the prior-year period.  Self-pay net subscriber additions were 173,480, while the self-pay subscriber base reached a record high of 21.3 million, up 7 percent from the prior-year period. Total paid and unpaid trials were 6.9 million at the end of the first quarter of 2014.

"Last year we took steps to lower our average cost of debt, and this year we have focused our efforts on significantly increasing our flexibility to return capital to stockholders by eliminating covenants in our 5.25 percent Notes and increasing the threshold for restricted payments in our Credit Facility," said David Frear, SiriusXM EVP/CFO.

"Tomorrow, we are scheduled to repurchase 93 million shares from Liberty Media for $340 million, bringing total share repurchases for the year to 158 million shares for $550 million and leaving us with $1.7 billion remaining under our share repurchase authorization. Total debt to adjusted EBITDA at the end of the first quarter 2014 was 2.8 times, below our 4.0 times leverage target. We expect to opportunistically tap the debt markets this year as we move towards our leverage target," added Frear.




 
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Christopher K
APD/MD, KDND & KUDL
Sacramento

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