Sirius Radio
Sirius XM Radio on Tuesday reported improved first-quarter financials and subscriber figures, but - as expected - the company's subscriber count fell behind that of Netflix in the latest period. Meanwhile, management said it is likely to raise its subscription prices if regulators allow it to do so later this year.
During the first quarter of 2011, SIRIUS XM generated $18.1 million of cash from operations compared with a cash consumption of $37.7 million in the prior-year quarter. Free cash flow (cash flow from operations less capital expenditures) in the reported quarter was a negative $16.8 million compared with a negative $127.2 million in the year-ago quarter.
The company signed up 373,064 new subscribers, up from 171,441 in the same period a year earlier and ahead of Wall Street expectations, ending March with a total user base of more than 20.56 million - a new company record.
Sirius XM had ended 2010 with 20.19 million subscribers, making it the second-largest entertainment subscription business behind Comcast and just ahead of Netflix. However, Netflix’s quarterly sub growth has been stronger, and the company was expected to overtake Sirius XM – and likely Comcast, which still has to report its latest figures - in terms of total users in the opening quarter of 2011.
Management projected that full-year 2011 revenue of SIRIUS XM will be approximately $3 billion. Free cash flow in 2011 will approach $350 million. The company estimated that it will add 1.4 million net new subscribers in 2011. Adjusted EBITDA, in fiscal 2011, is likely to reach $715 million.
Sirius XM reiterated its full-year 2011 guidance for subscribers and other metrics and slightly increased its forecast for free cash flow.
Category Article lara tv, laratv, sirius, sirius canada, sirius xm
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