Sirius XM Radio?(NASDAQ:SIRI) released its third quarter 2012 financial and operating results this morning, including revenue of?$867 million, up 14% year-over-year from third quarter 2011 revenue of?$763 million. Net income for the third quarter 2012 and 2011 was $75 million?and?$104 million, respectively, including a loss on extinguishment of debt of?$107 million?in the third quarter of 2012. Adjusted EBITDA for the third quarter of 2012 was?$245 million, up 24% from?$197 million?in the third quarter of 2011.
?SiriusXM delivered a very strong third quarter for our shareholders, with 446,000 net subscriber additions, double-digit growth, and record levels of revenue, adjusted EBITDA, and free cash flow. The Company has produced more free cash flow in the first nine months of this year than in any full year in its history, and we?ve used this cash to reduce our debt to its lowest level since the merger of Sirius and XM. We?re excited about the increase in subscriber guidance to 1.8 million net additions that we reported earlier this month, as we believe growth in the fourth quarter will continue.? We continue to make investments across our business, particularly in R&D, customer care, infrastructure, and programming.? We are also investing in new businesses, such as the telematics service we announced in the third quarter with Nissan, and we believe these investments will reward our shareholders in the years to come.?
??Mel Karmazin, Chief Executive Officer, SiriusXM Radio
Highlights from Sirius XM Radio?s third quarter include:
- Record subscriber growth.? Self-pay net subscriber additions improved by 2% year-over-year to 371,000, pushing the self-pay subscriber base to an all-time high of 19.0 million subscribers.? The total paid subscriber base rose to a record high 23.4 million subscribers. Strong auto sales helped lift total paid and unpaid trial inventory by approximately 115,000 from the second quarter of 2012 to 6.2 million.
- Churn and conversion stable.? Self-pay monthly churn was 2.0% in the third quarter of 2012, compared to 1.9% reported in the third quarter of 2011.? New vehicle consumer conversion rate was 44% in the third quarter of 2012, unchanged from the third quarter of 2011.
- Free cash flow grows to record level.? Free cash flow was?$195 million?in the third quarter of 2012, an improvement of 159% from the$75 million?recorded in the third quarter of 2011.
?Following the repurchase of approximately?$868 million?of our debt in the third quarter of 2012, SiriusXM ended the quarter with?$556 million?of cash.? The company?s leverage has improved dramatically in the past year, ending the third quarter at just 2.8x our adjusted EBITDA, down from 4.3x at the end of the third quarter of 2011. By eliminating our two most expensive debt instruments in the third quarter, we will reduce our interest costs significantly, and with no debt maturing in the next two years we now have more flexibility to pursue strategic initiatives.?
?? David Frear, Executive Vice President and Chief Financial Officer, Sirius XM Radio
The Company confirmed its 2012 subscriber, revenue, adjusted EBITDA and free cash flow guidance:
- Net subscriber growth approaching 1.8 million,
- Revenue approaching?$3.4 billion,
- Adjusted EBITDA of approximately?$900 million, and
- Free cash flow of approximately?$700 million.
?Our increased subscriber guidance of approximately 1.8 million net additions shows we remain confident about growth in the fourth quarter. We were pleased to raise our subscriber guidance for the third time this year.?
??Mel Karmazin, Chief Executive Officer, SiriusXM Radio
Sirius XM Radio will hold a conference call at 8:00 am ET this morning to discuss its third quarter financial and operating results.
Sirius XM Radio?s full Q3 earnings release can be viewed here.
Source: http://satelliteradioplayground.com/2012/11/01/sirius-xm-radios-nasdaqsiri-q3-results/
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