NEW YORK, Aug. 6 /PRNewswire-FirstCall/ -- SIRIUS XM Radio today announced second quarter 2009 financial and operating results, including $132 million in adjusted income from operations, marking the company's third consecutive quarter of positive adjusted income. The company also announced a 28% decrease in total cash operating expenses since the merger of SIRIUS and XM one year ago. SIRIUS XM also increased its full-year 2009 guidance for adjusted income from operations to over $400 million from over $350 million.
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"Just one year ago, combined operations produced negative adjusted income from operations of $61 million," said Mel Karmazin, SIRIUS XM's CEO. "This year our revenue increase in the second quarter, paired with a $187 million expense reduction, drove an improvement of approximately $193 million in adjusted income from operations to $132 million in second quarter 2009. Based on these results we are increasing guidance again and expect to exceed over $400 million in adjusted income from operations during 2009. Growing our revenue in the face of broad declines in the advertising and automotive markets is a remarkable accomplishment, and we are well positioned for a rebound in auto sales."
Second quarter 2009 pro forma total revenue was $608 million, up 1% from second quarter 2008 pro forma total revenue of $601 million. Second quarter 2009 subscription revenue was $577 million, up 3% from the second quarter 2008 subscription revenue of $558 million. Subscriber acquisition cost (SAC) per gross subscriber addition was $57 in the second quarter 2009, an improvement of 20% over the $71 in pro forma SAC per gross subscriber addition in the second quarter 2008.
SIRIUS XM ended the second quarter 2009 with 18,413,435 total subscribers, a decrease of 1% from the second quarter 2008 pro forma total subscribers of 18,576,830 and a decrease of 185,999 from the first quarter 2009 subscribers of 18,599,434. Self-pay subscribers were 15,421,414 in second quarter 2009, virtually unchanged from first quarter 2009 self-pay subscribers of 15,436,410 and up 592,264, or 4%, from the 14,829,150 self-pay subscribers in the second quarter 2008. Promotional subscribers were 2,992,021 in second quarter 2009.
Monthly average revenue per subscriber (ARPU) was $10.66 in the second quarter 2009, up from $10.55 in the second quarter 2008. The pro forma self-pay monthly customer churn rate was 2.0% in the second quarter 2009 down from 2.2% in the first quarter 2009, and up from 1.7% in second quarter 2008 pro forma self-pay churn.
In the second quarter 2009, SIRIUS XM achieved positive pro forma adjusted income from operations of $132 million as compared to a pro forma loss from operations of ($61) million in the second quarter 2008. The second quarter 2009 US GAAP net loss was ($157) million, or ($0.04) per share, and includes $108 million, or ($0.03) per share, in net charges for the loss on the extinguishment of debt and credit facilities and a $24 million write-off, or ($.007) per share, of prepayments for future launch services attributable to the counterparty's bankruptcy filing. Absent these charges, the US GAAP net loss per share of ($0.01) was in line with Wall Street estimates. In the second quarter 2008 the US GAAP net loss was ($84) million, or ($0.06) per share. Second quarter 2009 free cash flow was $13 million compared to ($169) million of free cash flow in the second quarter 2008.
2009 OUTLOOK
SIRIUS XM now expects to achieve over $400 million in 2009 adjusted income from operations. This is an increase from the company's previous guidance of over $350 million in 2009 adjusted income from operations provided on May 7, 2009.
BALANCE SHEET IMPROVEMENTS
During the second quarter the company made improvements to its balance sheet including refinancing some of its debt at lower rates, extending maturities, and improving amortization schedules and covenants.
"These transactions have significantly improved the credit profile of the company, and we intend to be opportunistic in pursuing additional balance sheet improvements," said David Frear, SIRIUS XM's EVP and CFO.
Based upon the company's current plans, it has sufficient cash, cash equivalents, available borrowings under credit facilities and marketable securities to cover the company's estimated funding needs through cash flow breakeven, the point at which revenues are sufficient to fund expected operating expenses, capital expenditures, working capital requirements, interest payments and taxes. The company's projections are based on assumptions, which it believes are reasonable but contain uncertainties.
PRO FORMA RESULTS OF OPERATIONS
The discussion of operating results below is based upon pro forma comparisons as if the merger of SIRIUS and XM occurred on January 1, 2008 and excludes the effects of stock-based compensation and purchase accounting adjustments.
SECOND QUARTER 2009 VERSUS SECOND QUARTER 2008
For the second quarter of 2009, SIRIUS XM recognized total pro forma revenue of $608 million compared to $601 million for the second quarter 2008. This 1%, or $7 million, increase in revenue was driven by a 1% growth in weighted average subscribers from the second quarter 2008 as well as an increase in ARPU.
Total ARPU for the three months ended June 30, 2009 was $10.66, compared to $10.55 for the three months ended June 30, 2008. The increase was driven mainly by the sale of "Best of" programming, increased rates on the company's multi-subscription packages and revenues earned on the company's internet packages, partially offset by a decline in net advertising revenue per average subscriber.
In the second quarter 2009, the company achieved positive pro forma adjusted income from operations of $132 million, compared to an adjusted loss from operations of ($61) million for the second quarter of 2008 (refer to the reconciliation table of net loss to adjusted income (loss) from operations). The improvement was driven by the increase in total revenue of $7 million and a $187 million decrease, or 28%, in expenses included in adjusted income (loss) from operations.
Satellite and transmission costs decreased 27%, or $7 million, in the three months ended June 30, 2009 compared to the same period in 2008 due to reductions in maintenance costs, repeater lease expense, and personnel costs.
Programming and content costs decreased 14%, or $14 million, in the three months ended June 30, 2009 compared to the same period in 2008, mainly due to reductions in personnel and on-air talent costs as well as savings on certain content agreements.
Revenue share and royalties decreased by 5%, or $6 million, compared to the same period in 2008.
Customer service and billing costs remained relatively flat for the three months ended June 30, 2009 compared to the same period in 2008.
Cost of equipment decreased by 49%, or $8 million, in the three months ended June 30, 2009 compared to the same period in 2008 as a result of a decrease in the company's direct to customer sales and lower inventory write-downs.
Sales and marketing costs decreased 53%, or $55 million, and have decreased as a percentage of revenue to 8% from 17% in the three months ended June 30, 2009 compared to the same period in 2008. The decrease in Sales and marketing costs was due to reduced advertising and cooperative marketing spend, as well as, reductions to personnel costs and third party distribution support expenses.
Subscriber acquisition costs decreased 46%, or $70 million, and decreased as a percentage of revenue to 13% from 25% in the three months ended June 30, 2009 compared to the same period in 2008. SAC per gross addition declined by 20% to $57 from $71 in the year ago period. This improvement was driven by fewer OEM installations relative to gross subscriber additions, decreased production of certain radios, lower OEM subsidies and lower aftermarket inventory reserves as compared to the three months ended June 30, 2008. Subscriber acquisition costs also decreased as a result of the 35% decline in gross additions during the three months ended June 30, 2009 compared to the three months ended June 30, 2008.
General and administrative costs decreased 33%, or $22 million, mainly due to the absence of certain legal and regulatory charges incurred in 2008 and lower personnel costs.
Engineering, design and development costs decreased 35%, or $6 million, in the three months ended June 30, 2009 compared to the same period in 2008, due to lower costs associated with the manufacturing of radios, OEM tooling and manufacturing, and personnel.
Restructuring, impairments and related costs increased $27 million mainly due to a loss of $24 million on capitalized installment payments for the launch of a satellite, which are expected to provide no future benefits due to the counterparty's bankruptcy filing.
Other expenses increased 285%, or $147 million, in the three months ended June 30, 2009 compared to the same period in 2008 driven mainly by the loss on extinguishment of debt and credit facilities of $108 million, and an increase in interest expense of $53 million, offset by an increase of $13 million in gain on investments. The loss on the extinguishment of debt and credit facilities was incurred on the full repayment of XM's Amended and Restated Credit Agreement and its Second-Lien Credit Agreement. Interest expense increased due primarily to the issuance of XM's 13% Senior Notes due 2013 and the 7% Exchangeable Senior Subordinated Notes due 2014 in the third quarter of 2008.
SIX MONTHS ENDED JUNE 30, 2009 VERSUS SIX MONTHS ENDED JUNE 30, 2008
For the six months ended June 30, 2009, SIRIUS XM recognized total pro forma revenue of $1,213 million compared with $1,180 million for the six months ended June 30, 2008. This 3%, or $33 million, increase in revenue was primarily driven by an increase in subscriber revenue resulting primarily from a 4% growth in weighted average subscribers over the period as well as revenues from the sale of "Best of" programming, increased rates on the company's multi-subscription packages and revenues earned on the company's internet packages.
Total ARPU for the six months ended June 30, 2009 was $10.57, compared to $10.54 for the six months ended June 30, 2008. The increase was driven mainly by the sale of "Best of" programming, increased rates on the company's multi-subscription packages and revenues earned on its internet packages, partially offset by a decline in net advertising revenue per average subscriber.
The company's pro forma adjusted income from operations increased $372 million to $241 million for the six months ended June 30, 2009 from a loss of ($131) million for the six months ended June 30, 2008 (refer to the reconciliation table of net loss to adjusted income (loss) from operations). This increase was driven by a 3%, or $33 million, increase in revenue and a 26%, or $339 million, decrease in expenses included in adjusted income (loss) from operations.
Satellite and transmission costs decreased 25%, or $13 million, in the six months ended June 30, 2009 compared to the same period in 2008 due to reductions in maintenance costs, repeater lease expense, and personnel costs.
Programming and content costs decreased 12%, or $25 million, in the six months ended June 30, 2009 compared to the same period in 2008, due mainly to reductions in personnel and on-air talent costs as well as savings on certain content agreements.
Revenue share and royalties increased by 2%, or $4 million, while declining slightly as a percentage of revenue in the six months ended June 30, 2009 compared to the same period in 2008.
Customer service and billing costs remained relatively flat for the six months ended June 30, 2009 compared to the same period in 2008 due to scale efficiencies over a larger daily weighted average subscriber base.
Cost of equipment decreased by 50%, or $16 million, in the six months ended June 30, 2009 compared to the same period in 2008 as a result of a decrease in the company's direct to customer sales and lower inventory write-downs.
Sales and marketing costs decreased 46%, or $83 million, and decreased as a percentage of revenue to 8% from 15% in the six months ended June 30, 2009 compared to the same period in 2008 due to reduced advertising and cooperative marketing spend as well as reductions to personnel costs and third party distribution support expenses.
Subscriber acquisition costs decreased 47%, or $147 million, and decreased as a percentage of revenue to 14% from 26% in the six months ended June 30, 2009 compared to the same period in 2008. This decrease was driven by a 23% improvement in SAC, as adjusted, per gross addition due to fewer OEM installations relative to gross subscriber additions, decreased production of certain radios, lower OEM subsidies and lower aftermarket inventory reserves in the six months ended June 30, 2009 as compared to the six months ended June 30, 2008. Subscriber acquisition costs also decreased as a result of the 35% decline in gross additions during the six months ended June 30, 2009.
General and administrative costs decreased 32%, or $45 million, mainly due to the absence of certain legal and regulatory charges incurred in 2008 and lower personnel costs.
Engineering, design and development costs decreased 42%, or $13 million, in the six months ended June 30, 2009 compared to the same period in 2008, due to lower costs associated with the manufacturing of radios, OEM tooling and manufacturing, and personnel.
Restructuring, impairments and related costs increased $28 million mainly due to a loss of $24 million on capitalized installment payments, which are expected to provide no future benefits due to the counterparty's bankruptcy filing, for the launch of a satellite.
Other expenses increased 190%, or $194 million, in the six months ended June 30, 2009 compared to the same period in 2008 driven mainly by the loss on extinguishment of debt and credit facilities of $126 million, and an increase in interest expense of $79 million, offset by an increase of $9 million in gain on investments. The loss on the extinguishment of debt and credit facilities was incurred on the full repayment of XM's Amended and Restated Credit Agreement and its Second-Lien Credit Agreement. Interest expense increased due primarily to the issuance of XM's 13% Senior Notes due 2013 and the 7% Exchangeable Senior Subordinated Notes due 2014 in the third quarter of 2008.
Unaudited --------------------------------------- Three Months Ended Six Months Ended June 30, June 30, --------------------- -------------------- 2009 2008 2009 2008 ---- ----- ---- ---- (Actual) (Pro Forma) (Actual) (Pro Forma) Beginning subscribers 18,599,434 17,974,531 19,003,856 17,348,622 Gross subscriber additions 1,380,125 2,111,655 2,719,086 4,153,311 Deactivated subscribers (1,566,124) (1,509,356) (3,309,507) (2,925,103) ---------- ---------- ---------- ---------- Net additions (185,999) 602,299 (590,421) 1,228,208 ---------- ---------- ---------- ---------- Ending subscribers 18,413,435 18,576,830 18,413,435 18,576,830 ========== ========== ========== ========== Retail 8,235,761 9,185,837 8,235,761 9,185,837 OEM 10,081,514 9,285,488 10,081,514 9,285,488 Rental 96,160 105,505 96,160 105,505 ---------- ---------- ---------- ---------- Ending subscribers 18,413,435 18,576,830 18,413,435 18,576,830 ========== ========== ========== ========== Retail (301,295) (4,090) (669,326) (52,878) OEM 123,165 593,169 85,561 1,252,220 Rental (7,869) 13,220 (6,656) 28,866 ---------- ---------- ---------- ---------- Net additions (185,999) 602,299 (590,421) 1,228,208 ========== ========== ========== ========== Self-pay 15,421,414 14,829,150 15,421,414 14,829,150 Paid promotional 2,992,021 3,747,680 2,992,021 3,747,680 ---------- ---------- ---------- ---------- Ending subscribers 18,413,435 18,576,830 18,413,435 18,576,830 ========== ========== ========== ========== Self-pay (14,996) 515,744 (128,243) 955,804 Paid promotional (171,003) 86,555 (462,178) 272,404 ---------- ---------- ---------- ---------- Net additions (185,999) 602,299 (590,421) 1,228,208 ========== ========== ========== ========== Daily weighted average number of subscribers 18,438,473 18,240,018 18,575,219 17,931,515 ========== ========== ========== ========== Unaudited Pro Forma ------------------------------------------- Three Months Ended Six Months Ended June 30, June 30, ------------------ -------------------- 2009 2008 2009 2008 Average self-pay monthly churn (1)(7) 2.0% 1.7% 2.1% 1.8% Conversion rate (2)(7) 44.4% 50.6% 44.7% 50.8% ARPU (3)(7) $10.66 $10.55 $10.57 $10.54 SAC, as adjusted, per gross subscriber addition (4)(7) $57 $71 $59 $77 Customer service and Billing expenses, as adjusted, per average subscriber (5)(7) $1.05 $1.06 $1.06 $1.10 Total revenue $607,836 $601,052 $1,213,317 $1,179,857 Free cash flow (6)(7) $12,694 $(168,955) $9,048 $(480,054) Adjusted income (loss) From operations (8) $132,219 $(61,118) $241,055 $(131,273) Net loss $(171,280) $(203,471) $(234,155) $(436,858) Unaudited Pro Forma ------------------- Three Months Ended Six Months Ended June 30, June 30, ------------------ ------------------ (in thousands) 2009 2008 2009 2008 ---- ---- ---- ---- Revenue: Subscriber revenue, including effects of rebates $576,958 $558,290 $1,153,034 $1,097,345 Advertising revenue, net of agency fees 12,564 18,764 24,869 36,290 Equipment revenue 10,928 15,447 20,837 25,831 Other revenue 7,386 8,551 14,577 20,391 --------- --------- --------- --------- Total revenue 607,836 601,052 1,213,317 1,179,857 Operating expenses: Satellite and transmission 18,659 25,467 38,401 51,202 Programming and content 87,707 101,871 184,386 209,793 Revenue share and royalties 117,671 123,309 238,932 234,451 Customer service and billing 58,054 58,236 117,723 118,302 Cost of equipment 8,051 15,702 16,044 31,840 Sales and marketing 48,610 103,326 99,212 182,403 Subscriber acquisition costs 80,988 150,585 164,698 311,919 General and administrative 45,754 67,980 94,331 139,460 Engineering, design and development 10,123 15,694 18,535 31,760 Depreciation and amortization 46,118 59,551 97,599 131,940 Share-based payment expense 31,003 30,098 52,501 69,864 Restructuring, impairments and related costs 27,000 - 27,614 - --------- --------- --------- --------- Total operating expenses 579,738 751,819 1,149,976 1,512,934 --------- --------- --------- --------- Income (loss) from operations 28,098 (150,767) 63,341 (333,077) Other expense (198,263) (51,488) (295,267) (101,691) --------- --------- --------- --------- Loss before income taxes (170,165) (202,255) (231,926) (434,768) Income tax expense (1,115) (1,216) (2,229) (2,090) Net loss $(171,280) $(203,471) $(234,155) $(436,858) ========= ========== ========== ========== Actual ------ For the Three Months For the Six Months Ended June 30, Ended June 30, -------------------- ------------------ (in thousands, except per share data) 2009 2008 2009 2008 ---- ---- ---- ---- Revenue: Subscriber revenue, including effects of rebates $561,763 $266,518 $1,121,151 $522,158 Advertising revenue, net of agency fees 12,564 8,332 24,869 16,740 Equipment revenue 10,928 7,956 20,837 14,019 Other revenue 5,574 211 10,951 450 --------- --------- --------- --------- Total revenue 590,829 283,017 1,177,808 553,367 Operating expenses (depreciation and amortization shown separately below) (1): Cost of services: Satellite and transmission 19,615 7,451 39,894 15,275 Programming and content 72,102 55,247 152,511 116,939 Revenue share and royalties 95,831 49,723 196,297 92,043 Customer service and billing 58,833 22,865 119,041 49,786 Cost of equipment 8,051 6,647 16,044 14,234 Sales and marketing 48,693 49,133 100,116 87,598 Subscriber acquisition costs 67,651 81,392 140,719 171,216 General and administrative 66,716 42,467 126,031 91,246 Engineering, design and development 11,944 9,028 21,723 17,684 Depreciation and amortization 77,158 27,113 159,524 54,019 Restructuring, impairments and related costs 27,000 - 27,614 - -------- --------- --------- --------- Total operating expenses 553,594 351,066 1,099,514 710,040 -------- --------- --------- --------- Income (loss) from operations 37,235 (68,049) 78,294 (156,673) Other income (expense): Interest and investment income 901 1,425 1,641 4,227 Interest expense, net of amounts capitalized (95,794) (16,745) (161,535) (34,421) Loss on extinguishment of debt and credit facilities, net (107,756) - (125,713) - Gain on investments 8,422 - 516 - Other income (expense) 749 13 1,259 (64) -------- --------- --------- --------- Total other expense (193,478) (15,307) (283,832) (30,258) -------- --------- --------- --------- Loss before income taxes (156,243) (83,356) (205,538) (186,931) Income tax expense (1,115) (543) (2,229) (1,086) Net loss (157,358) (83,899) (207,767) (188,017) Preferred stock beneficial conversion feature - - (186,188) - --------- --------- --------- --------- Net loss attributable to common stockholders $(157,358) $(83,899) $(393,955) $(188,017) ========= ========= ========= ========= Net loss per common share (basic and diluted) $(0.04) $(0.06) $(0.11) $(0.13) ========= ========= ========= ========= Weighted average common shares outstanding (basic and diluted) 3,586,742 1,499,723 3,555,489 1,487,610 ========= ========= ========= ========= (1) Amounts related to share-based payment expense included in operating expenses were as follows: Satellite and transmission $1,177 $759 $1,934 $1,555 Programming and content 1,891 1,160 4,381 3,949 Customer service and billing 779 265 1,318 541 Sales and marketing 3,072 2,464 7,358 7,704 Subscriber acquisition costs - - - 14 General and administrative 20,961 11,457 31,699 23,455 Engineering, design and development 1,821 1,046 3,188 2,195 Total share-based payment expense $29,701 $17,151 $49,878 $39,413 ======= ======= ======= ======= June 30, December 31, 2009 2008 --------- ----------- (in thousands, except share and per share data) (Unaudited) ASSETS Current assets: Cash and cash equivalents $541,688 $380,446 Accounts receivable, net of allowance for doubtful accounts of $10,313 and $10,860, respectively 77,263 102,024 Receivables from distributors 33,673 45,950 Inventory, net 27,886 24,462 Prepaid expenses 120,273 67,203 Related party current assets 108,527 114,177 Other current assets 57,613 58,744 ------ ------ Total current assets 966,923 793,006 Property and equipment, net 1,690,864 1,703,476 FCC licenses 2,083,654 2,083,654 Restricted investments 3,400 141,250 Deferred financing fees, net 63,279 40,156 Intangible assets, net 647,936 688,671 Goodwill 1,834,856 1,834,856 Related party long-term assets 118,628 124,607 Other long-term assets 97,792 81,019 ------ ------ Total assets $7,507,332 $7,490,695 ========== ========== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued expenses $512,581 $642,820 Accrued interest 73,134 76,463 Current portion of deferred revenue 995,696 985,180 Current portion of deferred credit on executory contracts 244,116 234,774 Current maturities of long-term debt 286,045 399,726 Current maturities of long-term related party debt 787 - Related party current liabilities 59,101 68,373 ------ ------ Total current liabilities 2,171,460 2,407,336 Deferred revenue 284,798 247,889 Deferred credit on executory contracts 918,678 1,037,190 Long-term debt 2,807,271 2,851,740 Long-term related party debt 222,096 - Deferred tax liability 900,273 894,453 Related party long-term liabilities 21,123 - Other long-term liabilities 37,929 43,550 ------ ------ Total liabilities 7,363,628 7,482,158 --------- --------- Commitments and contingencies Stockholders' equity: Preferred stock, par value $0.001; 50,000,000 authorized at June 30, 2009 and December 31, 2008: Series A convertible preferred stock (liquidation preference of $51,370 at June 30, 2009 and December 31, 2008); 24,808,959 shares issued and outstanding at June 30, 2009 and December 31, 2008 25 25 Convertible perpetual preferred stock, series B (liquidation preference of $13 and $0 at June 30, 2009 and December 31, 2008, respectively); 12,500,000 and zero shares issued and outstanding at June 30, 2009 and December 31, 2008, respectively 13 - Convertible preferred stock, series C junior; no shares issued and outstanding at June 30, 2009 and December 31, 2008 - - Common stock, par value $0.001; 9,000,000,000 and 8,000,000,000 shares authorized at June 30, 2009 and December 31, 2008, respectively; 3,883,905,655 and 3,651,765,837 shares issued and outstanding at June 30, 2009 and December 31, 2008, respectively 3,884 3,652 Accumulated other comprehensive loss, net of tax (6,986) (7,871) Additional paid-in capital 10,252,983 9,724,991 Accumulated deficit (10,106,215) (9,712,260) ---------- ---------- Total stockholders' equity 143,704 8,537 ---------- ---------- Total liabilities and stockholders' equity $7,507,332 $7,490,695 ========== ========== For the Six Months Ended June 30, -------------------------- (in thousands) 2009 2008 ---- ---- Cash flows from operating activities: Net loss $(207,767) $(188,017) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization 159,524 54,019 Non-cash interest expense, net of amortization of premium 26,799 1,971 Provision for doubtful accounts 16,278 5,048 Loss on extinguishment of debt and credit facilities, net 125,713 - Write-down of long-lived assets 27,614 - Amortization of deferred income related to equity method investment (1,388) - Loss on investments 6,353 - Share-based payment expense 49,878 39,413 Deferred income taxes 2,229 1,086 Other non-cash purchase price adjustments (85,223) - Changes in operating assets and liabilities: Accounts receivable 8,483 11,834 Inventory (3,424) 5,921 Receivables from distributors 12,277 (11,102) Related party assets 11,629 - Prepaid expenses and other current assets 24,052 14,594 Other long-term assets 34,476 5,399 Accounts payable and accrued expenses (106,041) (97,463) Accrued interest 997 53 Deferred revenue 24,713 26,875 Related party liabilities 11,851 - Other long-term liabilities (2,164) (712) ------- ------- Net cash provided by (used in) operating activities 136,859 (131,081) ------- ------- Cash flows from investing activities: Additions to property and equipment (127,811) (73,698) Purchases of restricted and other investments - (3,000) Merger-related costs - (14,843) Sale of restricted and other investments - 5,004 - ----- Net cash used in investing activities (127,811) (86,537) -------- ------- Cash flows from financing activities: Proceeds from exercise of warrants and stock options - 181 Preferred stock issuance costs, net (3,712) - Long-term borrowings, net 384,876 - Related party long-term borrowings, net 316,340 - Payment of premiums on redemption of debt (16,572) - Repayment of long-term borrowings (427,871) (1,250) Repayment of related party long-term borrowings (100,867) - -------- - Net cash provided by (used in) financing activities 152,194 (1,069) ------- ------ Net increase (decrease) in cash and cash equivalents 161,242 (218,687) Cash and cash equivalents at beginning of period 380,446 438,820 ------- ------- Cash and cash equivalents at end of period $541,688 $220,133 ======== ======== FOOTNOTES TO PRESS RELEASE AND TABLES FOR NON-GAAP FINANCIAL MEASURES (1) Average self-pay monthly churn represents the monthly average of self-pay deactivations by the quarter divided by the average self-pay subscriber balance for the quarter. (2) We measure the percentage of subscribers that receive our service and convert to self-paying after the initial promotion period. We refer to this as the "conversion rate." At the time of sale, vehicle owners generally receive between three and twelve month prepaid trial subscriptions and we receive a subscription fee from the OEM. Promotional periods generally include the period of trial service plus 30 days to handle the receipt and processing of payments. We measure conversion rate three months after the period in which the trial service ends. Based on our experience it may take up to 90 days after the trial service ends for subscribers to respond to our marketing communications and become self-paying subscribers. (3) ARPU is derived from total earned subscriber revenue and net advertising revenue, divided by the number of months in the period, divided by the daily weighted average number of subscribers for the period. ARPU is calculated as follows (in thousands, except for per subscriber amounts): Unaudited Pro Forma --------------------------------------- Three Months Ended Six Months Ended June 30, June 30, ------------------ ----------------- 2009 2008 2009 2008 ---- ---- ---- ---- Subscriber revenue $576,958 $558,290 $1,153,034 $1,097,345 Net advertising revenue 12,564 18,764 24,869 36,290 ------ ------ ------ ------ Total subscriber and net advertising revenue $589,522 $577,054 $1,177,903 $1,133,635 ======== ======== ========== ========== Daily weighted average number of subscribers 18,438,473 18,240,018 18,575,219 17,931,515 ARPU $10.66 $10.55 $10.57 $10.54 (4) SAC, as adjusted, per gross subscriber addition is derived from subscriber acquisition costs and margins from the direct sale of radios and accessories, excluding share-based payment expense divided by the number of gross subscriber additions for the period. SAC, as adjusted, per gross subscriber addition is calculated as follows (in thousands, except for per subscriber amounts): Unaudited Pro Forma ------------------- Three Months Ended Six Months Ended June 30, June 30, ------------------ ---------------- 2009 2008 2009 2008 ---- ---- ---- ---- Subscriber acquisition cost $80,988 $150,585 $164,698 $311,933 Less: share-based payment expense granted to third parties and employees - - - (14) Less/Add: margin from direct sales of radios and accessories (2,877) 255 (4,793) 6,009 ------ --- ------ ----- SAC, as adjusted $78,111 $150,840 $159,905 $317,928 ======= ======== ======== ======== Gross subscriber additions 1,380,125 2,111,655 2,719,086 4,153,311 SAC, as adjusted, per gross subscriber addition $57 $71 $59 $77 (5) Customer service and billing expenses, as adjusted, per average subscriber is derived from total customer service and billing expenses, excluding share-based payment expense, divided by the number of months in the period, divided by the daily weighted average number of subscribers for the period. Customer service and billing expenses, as adjusted, per average subscriber is calculated as follows (in thousands, except for per subscriber amounts): Unaudited Pro Forma ------------------- Three Months Ended Six Months Ended June 30, June 30, ------------------ ---------------- 2009 2008 2009 2008 ---- ---- ---- ---- Customer service and billing expenses $58,959 $59,253 $119,284 $120,484 Less: share-based payment expense (905) (1,017) (1,561) (2,182) ------- ------- -------- -------- Customer service and billing expenses, as adjusted $58,054 $58,236 $117,723 $118,302 ======= ======= ======== ======== Daily weighted average number of subscribers 18,438,473 18,240,018 18,575,219 17,931,515 Customer service and billing expenses, as adjusted, per average subscriber $1.05 $1.06 $1.06 $1.10 (6) Free cash flow is calculated as follows: Unaudited Pro Forma ---------------------------------------- Three Months Ended Six Months Ended June 30, June 30, ------------------ ---------------- 2009 2008 2009 2008 ---- ---- ---- ---- Net cash provided by (used in) operating activities $69,988 $(119,107) $136,859 $(366,095) Additions to property and equipment (56,671) (45,052) (127,811) (101,145) Merger related costs (623) (4,825) - (14,843) Restricted and other investment activity - 29 - 2,029 - -- - ----- Free cash flow $12,694 $(168,955) $9,048 $(480,054) ======= ========= ====== ========= (7) Average self-pay monthly churn; conversion rate; ARPU; SAC, as adjusted, per gross subscriber addition; customer service and billing expenses, as adjusted, per average subscriber; and free cash flow are not measures of financial performance under U.S. generally accepted accounting principles ("GAAP"). We believe these non-GAAP financial measures provide meaningful supplemental information regarding our operating performance and are used by us for budgetary and planning purposes; when publicly providing our business outlook; as a means to evaluate period-to-period comparisons; and to compare our performance to that of our competitors. We also believe that investors also use our current and projected metrics to monitor the performance of our business and to make investment decisions. We believe the exclusion of share-based payment expense in our calculations of SAC, as adjusted, per gross subscriber addition and customer service and billing expenses, as adjusted, per average subscriber is useful given the significant variation in expense that can result from changes in the fair market value of our common stock, the effect of which is unrelated to the operational conditions that give rise to variations in the components of our subscriber acquisition costs and customer service and billing expenses. Specifically, the exclusion of share-based payment expense in our calculation of SAC, as adjusted, per gross subscriber addition is critical in being able to understand the economic impact of the direct costs incurred to acquire a subscriber and the effect over time as economies of scale are reached. These non-GAAP financial measures are used in addition to and in conjunction with results presented in accordance with GAAP. These non-GAAP financial measures may be susceptible to varying calculations; may not be comparable to other similarly titled measures of other companies; and should not be considered in isolation, as a substitute for, or superior to measures of financial performance prepared in accordance with GAAP. (8) We refer to net loss before interest and investment income, interest expense net of amounts capitalized, income tax expense, loss from redemption of debt, loss on investments, other expense (income), restructuring, impairments and related costs, depreciation and amortization, and share related payment expense as adjusted income (loss) from operations. Adjusted income (loss) from operations is not a measure of financial performance under U.S. GAAP. We believe adjusted income (loss) from operations is a useful measure of our operating performance. We use adjusted income (loss) from operations for budgetary and planning purposes; to assess the relative profitability and on-going performance of our consolidated operations; to compare our performance from period-to-period; and to compare our performance to that of our competitors. We also believe adjusted income (loss) from operations is useful to investors to compare our operating performance to the performance of other communications, entertainment and media companies. We believe that investors use current and projected adjusted income (loss) from operations to estimate our current or prospective enterprise value and to make investment decisions. Because we fund and build-out our satellite radio system through the periodic raising and expenditure of large amounts of capital, our results of operations reflect significant charges for interest and depreciation expense. We believe adjusted income (loss) from operations provides useful information about the operating performance of our business apart from the costs associated with our capital structure and physical plant. The exclusion of interest and depreciation and amortization expense is useful given fluctuations in interest rates and significant variation in depreciation and amortization expense that can result from the amount and timing of capital expenditures and potential variations in estimated useful lives, all of which can vary widely across different industries or among companies within the same industry. We believe the exclusion of taxes is appropriate for comparability purposes as the tax positions of companies can vary because of their differing abilities to take advantage of tax benefits and because of the tax policies of the various jurisdictions in which they operate. We believe the exclusion of restructuring and related costs is useful given the non- recurring nature of these expenses. We also believe the exclusion of share-based payment expense is useful given the significant variation in expense that can result from changes in the fair market value of our common stock. To compensate for the exclusion of taxes, other income (expense), depreciation and amortization and share-based payment expense, we separately measure and budget for these items. There are material limitations associated with the use of adjusted income (loss) from operations in evaluating our company compared with net loss, which reflects overall financial performance, including the effects of taxes, other income (expense), depreciation and amortization, restructuring impairments and related costs, and share- based payment expense. We use adjusted income (loss) from operations to supplement GAAP results to provide a more complete understanding of the factors and trends affecting the business than GAAP results alone. Investors that wish to compare and evaluate our operating results after giving effect for these costs, should refer to net loss as disclosed in our unaudited condensed consolidated statements of operations. Since adjusted income (loss) from operations is a non- GAAP financial measure, our calculation of adjusted income (loss) from operations may be susceptible to varying calculations; may not be comparable to other similarly titled measures of other companies; and should not be considered in isolation, as a substitute for, or superior to measures of financial performance prepared in accordance with GAAP. The reconciliation of the pro forma unadjusted net loss to the pro forma adjusted income (loss) from operations is calculated as follows (see footnotes for reconciliation of the pro forma amounts to their respective GAAP amounts): Unaudited Pro Forma -------------------------------------- Three Months Ended Six Months Ended June 30, June 30, ------------------ ---------------- (in thousands) 2009 2008 2009 2008 ---- ---- ---- ---- Reconciliation of Net loss to Adjusted income (loss) from operations: Net loss $(171,280) $(203,471) $(234,155) $(436,858) Add back Net loss items excluded from Adjusted income (loss) from operations: Interest and investment income (901) (2,168) (1,641) (6,646) Interest expense, net of amounts capitalized 100,579 47,225 172,970 94,228 Income tax expense 1,115 1,216 2,229 2,090 Loss on extinguishment of debt and credit facilities, net 107,756 - 125,713 - (Gain) loss on investments (8,422) 4,373 (516) 8,550 Other expense (income) (749) 2,058 (1,259) 5,559 -------- -------- -------- -------- Income (loss) from operations 28,098 (150,767) 63,341 (333,077) Restructuring, impairments and related costs 27,000 - 27,614 - Depreciation and amortization 46,118 59,551 97,599 131,940 Share-based payment expense 31,003 30,098 52,501 69,864 Adjusted income (loss) from operations $132,219 $(61,118) $241,055 $(131,273) ======== ======== ======== ========= There are material limitations associated with the use of a pro forma unadjusted results of operations in evaluating our company compared with our GAAP results of operations, which reflects overall financial performance. We use pro forma unadjusted results of operations to supplement GAAP results to provide a more complete understanding of the factors and trends affecting the business than GAAP results alone. Investors that wish to compare and evaluate our operating results after giving effect for these costs, should refer to results of operations as disclosed in our unaudited condensed consolidated statements of operations. Since pro forma unadjusted results of operations is a non-GAAP financial measure, our calculations may not be comparable to other similarly titled measures of other companies; and should not be considered in isolation, as a substitute for, or superior to measures of financial performance prepared in accordance with GAAP. (9) The following tables reconcile our GAAP results of operations to our non-GAAP pro forma unadjusted results of operations. Unaudited For the Three Months Ended June 30, 2009 --------------------------------------------- Allocation Purchase of Price Share-based Accounting Payment As Reported Adjustments Expense Pro Forma ----------- ----------- ----------- --------- Revenue: Subscriber revenue, including effects of rebates $561,763 $15,195 $- $576,958 Advertising revenue, net of agency fees 12,564 - - 12,564 Equipment revenue 10,928 - - 10,928 Other revenue 5,574 1,812 - 7,386 ----- ----- - ----- Total revenue 590,829 17,007 - 607,836 Operating expenses (excludes depreciation and amortization shown separately below) (1) Cost of services: Satellite and transmission 19,615 354 (1,310) 18,659 Programming and content 72,102 17,701 (2,096) 87,707 Revenue share and royalties 95,831 21,840 - 117,671 Customer service and billing 58,833 126 (905) 58,054 Cost of equipment 8,051 - - 8,051 Sales and marketing 48,693 3,173 (3,256) 48,610 Subscriber acquisition costs 67,651 13,337 - 80,988 General and administrative 66,716 406 (21,368) 45,754 Engineering, design and development 11,944 247 (2,068) 10,123 Depreciation and amortization 77,158 (31,040) - 46,118 Share-based payment expense - - 31,003 31,003 Restructuring, impairments and related costs 27,000 - - 27,000 ------ - - ------ Total operating expenses 553,594 26,144 - 579,738 ------- ------ - ------- Income (loss) from operations 37,235 (9,137) - 28,098 Other income (expense) Interest and investment income 901 - - 901 Interest expense, net of amounts capitalized (95,794) (4,785) - (100,579) Loss on extinguishment of debt and credit facilities, net (107,756) - - (107,756) Gain on investments 8,422 - - 8,422 Other (expense) income 749 - - 749 --- - - --- Total other expense (193,478) (4,785) - (198,263) -------- ------ - -------- Loss before income taxes (156,243) (13,922) - (170,165) Income tax expense (1,115) - - (1,115) ------ - - ------ Net loss $(157,358) $(13,922) $- $(171,280) ========= ======== == ========= (1) Amounts related to share-based payment expense included in operating expenses were as follows: Satellite and transmission $1,177 $133 $- $1,310 Programming and content 1,891 205 - 2,096 Customer service and billing 779 126 - 905 Sales and marketing 3,072 184 - 3,256 Subscriber acquisition costs - - - - General and administrative 20,961 407 - 21,368 Engineering, design and development 1,821 247 - 2,068 Total share-based payment expense $29,701 $1,302 $- $31,003 ======= ====== ====== ======= Unaudited For the Three Months Ended June 30, 2008 --------------------------------------------- Allocation of Predecessor Share-based Financial Payment As Reported Information Expense Pro Forma ----------- ----------- ----------- --------- Revenue: Subscriber revenue, including effects of rebates $266,518 $291,772 $- $558,290 Advertising revenue, net of agency fees 8,332 10,432 - 18,764 Equipment revenue 7,956 7,491 - 15,447 Other revenue 211 8,340 - 8,551 --- ----- - ----- Total revenue 283,017 318,035 - 601,052 Operating expenses (excludes depreciation and amortization shown separately below) (1) Cost of services: Satellite and transmission 7,451 19,780 (1,764) 25,467 Programming and content 55,247 49,604 (2,980) 101,871 Revenue share and royalties 49,723 73,586 - 123,309 Customer service and billing 22,865 36,388 (1,017) 58,236 Cost of equipment 6,647 9,055 - 15,702 Sales and marketing 49,133 59,280 (5,087) 103,326 Subscriber acquisition costs 81,392 69,193 - 150,585 General and administrative 42,467 42,015 (16,502) 67,980 Engineering, design and development 9,028 9,414 (2,748) 15,694 Depreciation and amortization 27,113 32,438 - 59,551 Share-based payment expense - - 30,098 30,098 - - ------ ------ Total operating expenses 351,066 400,753 - 751,819 ------- ------- - ------- Loss from operations (68,049) (82,718) - (150,767) Other income (expense) Interest and investment income 1,425 743 - 2,168 Interest expense, net of amounts capitalized (16,745) (30,480) - (47,225) Loss on extinguishment of debt and credit facilities, net - - - - Loss on investments - (4,373) - (4,373) Other (expense) income 13 (2,071) - (2,058) -- ------ - ------ Total other expense (15,307) (36,181) - (51,488) ------- ------- - ------- Loss before income taxes (83,356) (118,899) - (202,255) Income tax expense (543) (673) - (1,216) ---- ---- - ------ Net loss $(83,899) $(119,572) $- $(203,471) ======== ========== ======== ========= (1) Amounts related to share-based payment expense included in operating expenses were as follows: Satellite and transmission $759 $1,005 $- $1,764 Programming and content 1,160 1,820 - 2,980 Customer service and billing 265 752 - 1,017 Sales and marketing 2,464 2,623 - 5,087 Subscriber acquisition costs - - - - General and administrative 11,457 5,045 - 16,502 Engineering, design and development 1,046 1,702 - 2,748 Total share-based payment expense $17,151 $12,947 $- $30,098 ======= ======= ======= ======= Unaudited For the Six Months Ended June 30, 2009 ------------------------------- Allocation Purchase of Price Share-based Accounting Payment As Reported Adjustments Expense Pro Forma ----------- ----------- ----------- --------- Revenue: Subscriber revenue, including effects of rebates $1,121,151 $31,883 $- $1,153,034 Advertising revenue, net of agency fees 24,869 - - 24,869 Equipment revenue 20,837 - - 20,837 Other revenue 10,951 3,626 - 14,577 ------ ----- - ------ Total revenue 1,177,808 35,509 - 1,213,317 Operating expenses (excludes depreciation and amortization shown separately below) (1) Cost of services: Satellite and transmission 39,894 681 (2,174) 38,401 Programming and content 152,511 36,592 (4,717) 184,386 Revenue share and royalties 196,297 42,635 - 238,932 Customer service and billing 119,041 243 (1,561) 117,723 Cost of equipment 16,044 - - 16,044 Sales and marketing 100,116 6,831 (7,735) 99,212 Subscriber acquisition costs 140,719 23,979 - 164,698 General and administrative 126,031 878 (32,578) 94,331 Engineering, design and development 21,723 548 (3,736) 18,535 Depreciation and amortization 159,524 (61,925) - 97,599 Share-based payment expense - - 52,501 52,501 Restructuring, impairments and related costs 27,614 - - 27,614 ------ - - ------ Total operating expenses 1,099,514 50,462 - 1,149,976 --------- ------ - --------- Income (loss) from operations 78,294 (14,953) - 63,341 Other income (expense) Interest and investment income 1,641 - - 1,641 Interest expense, net of amounts capitalized (161,535) (11,435) - (172,970) Loss on extinguishment of debt and credit facilities, net (125,713) - - (125,713) Gain on investments 516 - - 516 Other (expense) income 1,259 - - 1,259 ----- - - ----- Total other expense (283,832) (11,435) - (295,267) -------- ------- - -------- Loss before income taxes (205,538) (26,388) - (231,926) Income tax expense (2,229) - - (2,229) ------ - - ------ Net loss $(207,767) $(26,388) $- $(234,155) ========= ======== ======= ========= (1) Amounts related to share-based payment expense included in operating expenses were as follows: Satellite and transmission $1,934 $240 $- $2,174 Programming and content 4,381 336 - 4,717 Customer service and billing 1,318 243 - 1,561 Sales and marketing 7,358 377 - 7,735 Subscriber acquisition costs - - - - General and administrative 31,699 879 - 32,578 Engineering, design and development 3,188 548 - 3,736 Total share-based payment expense $49,878 $2,623 $- $52,501 ======= ====== ====== ======= Unaudited For the Six Months Ended June 30, 2008 ---------------------------------------------- Allocation of Predecessor Share-based Financial Payment As Reported Information Expense Pro Forma ----------- ----------- ----------- --------- Revenue: Subscriber revenue, including effects of rebates $522,158 $575,187 $- $1,097,345 Advertising revenue, net of agency fees 16,740 19,550 - 36,290 Equipment revenue 14,019 11,812 - 25,831 Other revenue 450 19,941 - 20,391 --- ------ - ------ Total revenue 553,367 626,490 - 1,179,857 Operating expenses (excludes depreciation and amortization shown separately below) (1) Cost of services: Satellite and transmission 15,275 39,922 (3,995) 51,202 Programming and content 116,939 101,166 (8,312) 209,793 Revenue share and royalties 92,043 142,408 - 234,451 Customer service and billing 49,786 70,698 (2,182) 118,302 Cost of equipment 14,234 17,606 - 31,840 Sales and marketing 87,598 108,786 (13,981) 182,403 Subscriber acquisition costs 171,216 140,717 (14) 311,919 General and administrative 91,246 83,235 (35,021) 139,460 Engineering, design and development 17,684 20,435 (6,359) 31,760 Depreciation and amortization 54,019 77,921 - 131,940 Share-based payment expense - - 69,864 69,864 - - ------ ------ Total operating expenses 710,040 802,894 - 1,512,934 ------- ------- - --------- Loss from operations (156,673) (176,404) - (333,077) Other income (expense) Interest and investment income 4,227 2,419 - 6,646 Interest expense, net of amounts capitalized (34,421) (59,807) - (94,228) Loss on extinguishment of debt and credit facilities, net - - - - Loss on investments - (8,550) - (8,550) Other (expense) income (64) (5,495) - (5,559) --- ------ - ------ Total other expense (30,258) (71,433) - (101,691) -------- -------- - -------- Loss before income taxes (186,931) (247,837) - (434,768) Income tax expense (1,086) (1,004) - (2,090) ------ ------ - ------ Net loss $(188,017) $(248,841) $- $(436,858) ========= ========= ====== ========= (1) Amounts related to share-based payment expense included in operating expenses were as follows: Satellite and transmission $1,555 $2,440 $- $3,995 Programming and content 3,949 4,363 - 8,312 Customer service and billing 541 1,641 - 2,182 Sales and marketing 7,704 6,277 - 13,981 Subscriber acquisition costs 14 - - 14 General and administrative 23,455 11,566 - 35,021 Engineering, design and development 2,195 4,164 - 6,359 Total share-based payment expense $39,413 $30,451 $- $69,864 ======= ======= ====== =======
(10) The following table reconciles our GAAP Net loss attributable to common stockholders to our non-GAAP Net loss before preferred stock beneficial conversion feature and Net loss before preferred stock beneficial conversion feature per common share (basic and diluted).
For the Six Months Ended June 30, (in thousands, except per share data) 2009 2008 Net loss attributable to common stockholders $(393,955) $(188,017) Less: Preferred stock beneficial conversion feature (186,188) - Net loss before preferred stock beneficial conversion feature $(207,767) $(188,017) Net loss before preferred stock beneficial conversion feature per common share (basic and diluted) $(0.06) $(0.13) Weighted average common shares outstanding (basic and diluted) 3,555,489 1,487,610 About SIRIUS XM Radio
SIRIUS XM Radio is America's satellite radio company delivering to subscribers commercial-free music channels, premier sports, news, talk, entertainment, and traffic and weather.
SIRIUS XM Radio has content relationships with an array of personalities and artists, including Howard Stern, Martha Stewart, Oprah Winfrey, Jimmy Buffett, Jamie Foxx, Barbara Walters, Opie & Anthony, Bubba the Love Sponge , The Grateful Dead, Willie Nelson, Bob Dylan, Tom Petty, and Bob Edwards. SIRIUS XM Radio is the leader in sports programming as the Official Satellite Radio Partner of the NFL, Major League Baseball , NASCAR , NBA, NHL , and PGA TOUR , and broadcasts major college sports.
SIRIUS XM Radio has arrangements with every major automaker. SIRIUS XM Radio products are available at shop.sirius.com and shop.xmradio.com, and at retail locations nationwide, including Best Buy, RadioShack, Target, Sam's Club, and Wal-Mart.
SIRIUS XM Radio also offers SIRIUS Backseat TV, the first ever live in-vehicle rear seat entertainment featuring Nickelodeon, Disney Channel and Cartoon Network; XM NavTraffic service for GPS navigation systems delivers real-time traffic information, including accidents and road construction, for more than 80 North American markets.
This communication contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about the benefits of the business combination transaction involving SIRIUS and XM, including potential synergies and cost savings and the timing thereof, future financial and operating results, the combined company's plans, objectives, expectations and intentions with respect to future operations, products and services; and other statements identified by words such as "will likely result," " are expected to," "anticipate," "believe," "plan," "estimate," "intend," "will," "should," "may," or words of similar meaning. Such forward-looking statements are based upon the current beliefs and expectations of SIRIUS' and XM's management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond the control of SIRIUS and XM. Actual results may differ materially from the results anticipated in these forward-looking statements.
The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statement: our substantial indebtedness; the businesses of SIRIUS and XM may not be combined successfully, or such combination may take longer, be more difficult, time-consuming or costly to accomplish than expected; the useful life of our satellites; our dependence upon automakers and other third parties; our competitive position versus other forms of audio and video entertainment; and general economic conditions. Additional factors that could cause SIRIUS' and XM's results to differ materially from those described in the forward-looking statements can be found in SIRIUS' Annual Report on Form 10-K for the year ended December 31, 2008 and XM's Annual Report on Form 10-K for the year ended December 31, 2008, which are filed with the Securities and Exchange Commission (the "SEC") and available at the SEC's Internet site (http://www.sec.gov/). The information set forth herein speaks only as of the date hereof, and SIRIUS and XM disclaim any intention or obligation to update any forward looking statements as a result of developments occurring after the date of this communication.
E-SIRI Contact Information for Investors and Financial Media: Paul Blalock SIRIUS XM Radio 212 584 5174 paul.blalock@siriusxm.com Patrick Reilly SIRIUS XM Radio 212 901 6646 patrick.reilly@siriusxm.com Hooper Stevens SIRIUS XM Radio 212 901 6718 hooper.stevens@siriusxm.com
SIRIUS XM Radio
CONTACT: Paul Blalock, SIRIUS XM Radio, +1-212-584-5174,
paul.blalock@siriusxm.com, Patrick Reilly, SIRIUS XM Radio +1-212-901-6646,
patrick.reilly@siriusxm.com, Hooper Stevens, SIRIUS XM Radio, +1-212-901 6718,
hooper.stevens@siriusxm.com
Web Site: http://www.sirius.com/
