SiriusXM Revenue Rises 7% In 2011
February 9, 2012 at 4:23 AM (PT)
SIRIUSXM RADIO has announced full year 2011 financial and operating results, including revenue of $3.01 billion, up 7% over 2010 revenue of $2.82 billion, and adjusted EBITDA of $731 million, up 17% from $626 million in 2010.
Highlights of the report include:
* Subscribers Grow to Record 21.9 Million
* Record Revenue of $3.01 Billion, Up 7% Over 2010
* Adjusted EBITDA Reaches Record $731 Million, Up 17% Over 2010
* Record Free Cash Flow of $416 Million, Up 98% Over 2010
* 2012 Adjusted EBITDA Guidance Raised to $875 Million
* Company Projects 1.3 Million Net Subscriber Additions in 2012
"We are proud to announce that SIRIUSXM delivered another record-setting year in 2011, meeting or exceeding all of our guidance," noted CEO MEL KARMAZIN. "Our strong content and subscriber focus helped set a post-merger record of 1.7 million net subscriber additions, and we achieved record levels of revenue, adjusted EBITDA and free cash flow. We expanded our adjusted EBITDA margins to 24% by tightly controlling costs and growing our revenue. Our improved profitability, coupled with lower capital expenditures, contributed to a substantial increase in our free cash flow."
"In 2012, we expect to accelerate our revenue and adjusted EBITDA growth, and we project our free cash flow will jump by approximately 70% to $700 million. Our subscriber base will once again end this year at another all-time record high," added KARMAZIN. "We continue to invest in improving the subscriber experience, all with the goal of keeping our subscribers engaged and entertained. All of us here at SIRIUSXM look forward to another fantastic year of subscriber growth and improved financial performance."