SiriusXM Reports First Quarter 2011 Financials
May 3, 2011 at 4:42 AM (PT)
SIRIUSXM RADIO has released its first quarter 2011 results, including revenue of $724 million, up 9% over first quarter 2010 revenue of $664 million, and adjusted EBITDA of $181 million, up 15% from $158 million in the first quarter of 2010.
"SIRIUSXM's first quarter results have put us on track to attain our full year goals for subscriber, revenue, and adjusted EBITDA growth. Significantly, we are now in a position to raise our free cash flow estimate for the year," said CEO MEL KARMAZIN. "Consumers are buying cars again and demand for our product is strong. Were it not for the OEM supply chain uncertainty resulting from the tragedy in Japan, we would be in a position to raise our subscriber guidance today."
SIRIUSXM also noted that subscriber growth accelerated. Strong auto sales drove net subscriber additions in the first quarter of 2011 to 373,064, up 118% from 171,441 in the first quarter of 2010. Ending subscribers as of MARCH 31, 2011 were 20,564,028, up 9% from the 18,944,199 subscribers reported as of March 31, 2010. Additionally, subscriber acquisition cost (SAC) per gross subscriber addition was $57 in the first quarter of 2011, a 3% improvement from the $59 reported in the first quarter of 2010 and churn was stable, with average self-pay monthly customer churn was 2.0% in the first quarter 2011, in-line with the first quarter 2010 monthly average of 2.0%.
"We operate in a highly competitive audio entertainment marketplace, where there are more choices than ever before, yet consumers continue to choose SIRIUSXM. We continue to invest in content, expand distribution and improve our technology to deliver the most compelling value proposition possible to consumers across the country," KARMAZIN added.