SiriusXM Reports 'Record Revenues' For 2010
Q4 Loss Posted Including Debt Extinguishment
February 15, 2011 at 4:20 AM (PT)
SIRIUS XM RADIO has released their full year 2010 and Q4 financial results.
The 2010 Highlights
* Subscribers Grow to Record 20.2 Million
* Revenue of $2.82 Billion, Up 14% Over 2009
* Adjusted EBITDA of $626 Million, Up 35% Over 2009
* Free Cash Flow of $210 Million, Up 14% Over 2009
"SIRIUSXM's results in 2010 were exceptional, surpassing our guidance and achieving record revenues, adjusted EBITDA and free cash flow. Our unparalleled content and the continuing improvements in the economy helped us attain a record-high subscriber base of 20.2 million. Our laser-like focus on profitable growth delivered a 35% increase in adjusted EBITDA to $626 million, and produced free cash flow of more than $200 million," noted CEO MEL KARMAZIN.
"Our renewed contracts with HOWARD STERN and the NFL, as well as investments in exciting new content, ensure that our subscribers will continue to enjoy the unparalleled entertainment that has made SIRIUSXM the largest subscription radio company in the world," said KARMAZIN. "With the outlook for improving U.S. auto sales, declining capital expenditures and the expanded functionality coming with the launch of SIRIUSXM 2.0, we look forward to another year of growth and strong financial performance."
Fourth Quarter Up Excluding Debt Extinguishment
Fourth quarter 2010 revenue of $736 million was up 9% from the $676 million in the fourth quarter of 2009, while fourth quarter 2010 adjusted EBITDA was $144 million, up 25% from the $115 million in the fourth quarter of 2009.
SIRIUS XM could have reported a Q4 loss due to costs involved with extinguishing debt. Wrote the company, "GAAP net (loss) income attributable to common stockholders for the fourth quarter of 2010 and 2009 was ($81) million and $12 million, respectively, or ($0.02) and $0.00 per diluted share, respectively. Excluding debt extinguishment and restructuring charges, our net income attributable to common stockholders for fourth quarter 2010 and 2009, would have been $64 million and $18 million, respectively."