Eric Rhoads' Blog
Sirius XM Revenues Up In Q3
November 5, 2009: Sirius XM Radio reports that it brought in $630 million in pro forma total revenue in the third quarter, up 3 percent from $613 million in the same period in 2008. Pro forma numbers for the satcaster exclude some factors and assume the Sirius-XM merger took place on January 1, 2008.
Pro forma subscriber revenues came in at $587 million, up 3 percent from $572 million, while pro forma adjusted income from operations was $109 million.
Sirius XM ended the quarter with 18.5 million subscribers, down 2 percent from 18.9 million, while self-pay subscribers were at 15.5 million, up from 15.2 million in Q3 2008 and up 35,405 from Q2 of this year. Churn was 2 percent, up from 1.7 percent a year ago, and the monthly average revenue per subscriber was $10.87, up 3 percent from $10.51.
Sirius XM showed a loss in the quarter of $149.2 million (4 cents per share), compared to $4.9 billion ($1.93) in Q3 2008. The loss included $138 million in repayment of debt.
"We are very pleased with what we accomplished during the third quarter, especially when considering the macroeconomic issues affecting consumers and the auto industry," Sirius XM CEO Mel Karmazin said. "We managed to grow revenue, grow ARPU, reduce operating costs, increase adjusted income from operations significantly, and refinance higher-cost debt. We look forward to continuing this performance. We grew subscribers and improved churn in the quarter, and we are well positioned to take advantage of an economic rebound. We expect to grow subscribers, revenue, and cash flow next year regardless of the magnitude of any recovery."
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