SiriusXM Report First Quarter Revenue Increases 8% to $1.08 Billion

New York, NY, April 28, 2015--Satellite Radio provider SiriusXM reported net income of US$ 106 million in the first quarter of 2015, up 12% from US$ 94 million in the first quarter of 2014. Net income per diluted common share was $0.02 in the first quarter of 2015 and 2014. Adjusted EBITDA was US$ 399 million in the first quarter of 2015, up 19% from $335 million in the first quarter of 2014.

"The year is off to a fantastic start at SiriusXM. We are increasing our subscriber guidance to approximately 1.4 million net additions and revenue guidance to approximately US$ 4.47 billion after reporting our best first quarter for self-pay subscriber additions since 2008. Our results demonstrate that SiriusXM's bundle of live news and sports, exclusive talk and comedy, and curated, commercial-free music is resonating with more and more consumers every day," said 
Jim Meyer, Chief Executive Officer, SiriusXM.

Subscriber growth off to a strong start. SiriusXM added 431 thousand net new subscribers in the first quarter, a 61% increase from the 267 thousand net new subscribers added in the first quarter of 2014. Self-pay net subscriber additions were 394 thousand in the first quarter of 2015 compared to 173 thousand in the first quarter of 2014. Marking the strongest first quarter for self-pay subscriber growth since 2008.

First quarter EBITDA climbs 19%. Adjusted EBITDA of US$ 399 million in the first quarter of 2015 was the highest quarterly amount in the company's history, an increase of 19% over the US$ 335 million reported in the first quarter of 2014. Adjusted EBITDA margin was 37%, also the highest in the company's history.

Free cash flow of US$ 276 million was up 24% from US$ 223 million in the first quarter of 2014. Driven by higher cash flow and a lower share count from the share repurchase program, free cash flow per diluted share climbed an even stronger 36% to 4.9 cents in the first quarter of 2015, up from  in the first quarter of 2014.

"We repurchased 144 million shares for  during the first quarter and continue to see our shares as an attractive investment. With ourgrowing free cash flow, the successful placement of $1 billion of 5.375% Senior Notes in March, and US$ 1.25 billion of unused revolver capacity, we have plenty of liquidity to continue returning capital to shareholders while maintaining prudent leverage. In just over two years since we began our capital return program with a special dividend, we have paid our shareholders nearly $5.3 billion and retired nearly 22% of our then outstanding shares," noted David Frear, Chief Financial Officer, SiriusXM.