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Exhibit 99.1
SIRIUS XM RADIO REPORTS FULL YEAR AND FOURTH QUARTER 2009 RESULTS
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2009 Pro Forma Revenue of $2.53 Billion, Up 4% Over 2008 |
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Free Cash Flow of Over $185 Million, First Full Year of Positive Free Cash Flow |
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Pro Forma Adj. Income From Operations of $463 Million, a $599 Million Improvement Over 2008 |
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2010 Guidance Updated |
NEW YORK – February 25, 2010 – SIRIUS XM Radio (NASDAQ: SIRI) today announced full year 2009 results, including pro forma 2009 revenue of $2.53 billion, up 4% over 2008 pro forma revenue of $2.44 billion, and pro forma adjusted income from operations of $463 million, versus ($136) million in 2008.
“2009 was a notable year of firsts for SIRIUS XM: The first full year of positive pro forma adjusted income from operations and the first full year of positive free cash flow in the company’s history,” said Mel Karmazin, the Chief Executive Officer of SIRIUS XM. “We demonstrated considerable operating momentum in the fourth quarter – the addition of over 250,000 subscribers, ARPU growth, revenue growth, improved SAC, and continued operating cost reductions. These gains position us to deliver on our 2010 guidance.”
In the fourth quarter 2009, the Company’s pro forma average revenue per subscriber (ARPU) grew to $10.92 from $10.65 in the fourth quarter of 2008. The average self-pay monthly customer churn rate was 2.0% in the fourth quarter of 2009, as compared with 1.8% in the fourth quarter of 2008.
Fourth quarter of 2009 pro forma revenue was $684 million, up 6% from fourth quarter 2008 pro forma revenue of $644 million. Subscriber acquisition costs (SAC) per gross subscriber addition was $64 in the fourth quarter of 2009, an improvement of 9% over the $70 in SAC per gross subscriber addition in the fourth quarter of 2008.
In the fourth quarter of 2009, SIRIUS XM achieved pro forma adjusted income from operations of $115 million as compared with $32 million in the fourth quarter of 2008. Free cash flow in the quarter of 2009 was $150 million compared to $26 million in the fourth quarter of 2008. The pro forma fourth quarter 2009 net loss was ($25) million as compared with ($248) million in the
The following information was filed by Sirius Xm Holdings Inc. (SIRI) on Thursday, February 25, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: SIRI
CIK: 908937
Form Type: 10-K Annual Report
Accession Number: 0000950123-10-017181
Submitted to the SEC: Thu Feb 25 2010 5:27:31 PM EST
Accepted by the SEC: Thu Feb 25 2010
Period: Thursday, December 31, 2009
Industry: Radio Broadcasting Stations
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