SiriusXM Canada Sees Revenue, Subscriber Base Increase For Fiscal Q4 2015

Canadian Operations Up

SIRIUS XM CANADA HOLDINGS INC. fiscal fourth quarter 2015 revenue rose 8.5% to a record C$83.709 million, with Adjusted EBITDA up 4.8% to C$12.792 million, normalized net income ip 100.5% to C$2.406 million, and normalized free cash flow up 50.6% to C$15.817 million. 

Total subscriber count was up 4.4% to 2.726 million, with self-paying subscribers up 4% to 1.925 million; subscriber acquisition cost increased 5.3% to C$40 and cost per gross addition also rose 7.6% to C$71.  2014's fourth quarter included pre-tax debt refinancing charges of C$16.6 million (C$12.2 million after taxes); 2015 included a one-time non-cash C$19.1 million income tax expense and C$15.9 million in withholding tax expense due to reassessments that the company is disputing.

"Fiscal 2015 ended on a high note, with us delivering growth across all of our key metrics," said Pres./CEO MARK REDMOND. "Total subscribers reached at an all-time high, and we delivered record quarterly and annual revenue. Supported by substantial net self-pay subscriber additions in Q4, we achieved our stated goal of mid-single digit growth for the year. We also generated year-over-year improvements in Adjusted EBITDA and normalized free cash flow. This was despite a much larger cost base due to higher copyright fees and increasing foreign exchange headwinds as we moved through the year. As expected, we saw churn continue to improve in Q2, Q3 and Q4, with it coming in particularly strong at 1.76 per cent for the quarter.

"With the superior overall audio entertainment experience we provide and our growing addressable market, our long-term opportunities are significant. Our content is a major competitive advantage. It is unrivaled. As we continue to demonstrate with the launch of new shows and channels, we are committed to further enhancing our programming line-up to attract even more listeners. We remain confident in our ability to continue to deliver top-line growth, strong Adjusted EBITDA and free cash flow."

The company also announced a cash dividend ot C10.5 cents per Class A and C share and C3.5 cents per Class B share, payable DECEMBER 4th to shareholders of record as of NOVEMBER 20th.

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