SiriusXM Reports Positive Second Quarter 2011 Results
August 2, 2011 at 4:19 AM (PT)
SIRIUS XM RADIO TODAY (8/2) announced second-quarter 2011 results, including revenue of $744 million, up 6% over second-quarter 2010 revenue of $700 million, and adjusted EBITDA of $185 million, up 20% from $154 million in the second quarter of 2010.
"Our results in the second quarter were strong, and we are proud of our record levels of subscribers, revenue, and adjusted EBITDA and growth in free cash flow. SIRIUSXM continues to perform well, and we are pleased to raise our subscriber guidance and, for the second time this year, our free cash flow guidance," said CEO MEL KARMAZIN.
The company also noted subscriber growth continues. Auto sales growth and higher OEM penetration year-over-year drove ending subscribers as of JUNE 30th, 2011 to 21,016,175, up 8% from the 19,527,448 subscribers reported as of JUNE 30th, 2010. Self-pay net additions in the second quarter of 2011 were 362,663, up 19% from 304,043 in the second quarter of 2010.
The churn is stable. Average self-pay monthly churn was 1.9% in the second quarter 2011, compared to 2.0% in the first quarter 2011 and 1.8% in the second quarter of 2010.
Subscriber acquisition cost (SAC) per gross subscriber addition was $54 in the second quarter of 2011, an 8% improvement from the $59 reported in the second quarter of 2010.
"Demand for satellite radio continues to grow, with gross additions reaching the highest level of any quarter since the merger of SIRIUS and XM. Our all-time high OEM penetration rate is a reflection of the automakers' satisfaction and their commitment to offer our service to their customers," said KARMAZIN. "We intend to drive future growth through innovations to our satellite and internet platforms, with the goal of better delivering our unparalleled content to our valued customers. We're also excited to launch a variety of additional new music and talk channels later this year."