Sirius XM Reports Record Quarterly Revenue

4:14 AM PST 02/04/2014 by Georg Szalai
Jim Meyer, CEO of Sirius XM

The satellite radio firm, controlled by John Malone's Liberty Media, ended 2013 with 25.6 subscribers.

Sirius XM Radio on Tuesday reported record fourth-quarter and full-year revenue and continued subscriber growth.

The satellite radio company, controlled by John Malone's Liberty Media, added more than 411,000 self-paying subscribers in the latest quarter, ending 2013 with a total of 25.6 million users.

The firm added nearly 1.66 million subscribers during the year to end its user count 7 percent above the 23.9 million recorded at year-end 2012.

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Sirius, led by CEO Jim Meyer, reported fourth-quarter earnings of $65.2 million, compared with $156.2 million in the year-ago period as  expenses rose and the company spent money on extinguishing debt.

Revenue rose 12 percent from $892 million to $1 billion, a record quarterly performance for the company. Full-year revenue amounted to a record $3.8 billion, up 12 percent, as earnings hit $377 million.

Adjusted operating cash flow, the profitability metric that Sirius mostly focuses on, rose 41 percent in the fourth quarter to a quarterly record of $326 million and 27 percent for the year to $1.17 billion.

Said Meyer: "We remain excited about continuing our track record of delivering profitable growth in 2014, with the goal of enhancing free cash flow while making investments in key long-term initiatives."

Sirius reiterated its guidance for net subscriber additions of approximately 1.25 million this year.

Email: Georg.Szalai@THR.com
Twitter: @georgszalai

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