Sirius XM Reports Record Quarterly Revenue
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.
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.