SiriusXM Reports 1Q Revenue Up 12%

• Subscribers Grow by 453,000 to a Record 24.4 Million
• James E. Meyer Named CEO

Sirius XM Radio today announced first quarter 2013 financial and operating results, including revenue of $897 million, up 12% from the first quarter 2012 revenue of $805 million.  Net income for the first quarter 2013 and 2012 was $124 million and $108 million, respectively.  Adjusted EBITDA for the first quarter of 2013 reached a record $262 million, up 26% from $208 million in the first quarter of 2012.

"SiriusXM's first quarter results show a continuation of our trend of strong, profitable growth.  We turned in our best first quarter for subscriber additions since the merger, and with our continuing sharp focus on costs, we set an all-time high for adjusted EBITDA.  With our strong free cash flow and low leverage, we repurchased 209 million shares so far and have now returned nearly $1 billion in total to our stockholders since the end of December via stock buybacks and a special dividend," noted Jim Meyer, Chief Executive Officer, SiriusXM.

Additional highlights of the first quarter include:

• Subscriber base reaches new record.  The total paid subscriber base reached a record 24.4 million, up 9% from the prior year.  Self-pay net subscriber additions were 304,000, a slight increase from the first quarter of 2012, while the overall self-pay subscriber base reached a record high of 19.9 million, up 9% from a year prior. Total paid and unpaid trials grew by 443,000 year over year to 6.2 million.
• Subscriber acquisition costs per gross addition (SAC) decline.  While gross additions climbed 16%, total subscriber acquisition costs excluding purchase price accounting adjustments fell slightly year-over-year to $138 million in the first quarter of 2013, driving an improvement in SAC per gross addition of 15% to $51 from $60 in the first quarter of 2012.
• Free cash flow reaches a new first quarter record.  Free cash flow jumped to $142 million, up from $15 million in the first quarter of 2012.

James E. Meyer

"SiriusXM's $142 million of free cash flow was the best first quarter in the history of the Company, resulting in an increase in our free cash flow guidance to approximately $915 million, a 29% increase over 2012.  During the first quarter, we repurchased 157 million shares of our common stock for $494 million under our $2 billion stock repurchase program.

Sirius XM Radio also today announced that James E. Meyer has been appointed Chief Executive Officer, effective immediately.  Mr. Meyer has served as the interim CEO since December.

Meyer served as SiriusXM's President of Sales and Operations from May 2004 until his appointment as our interim CEO in December.  Prior to joining SiriusXM, Mr. Meyer was President of Aegis Ventures, a general management consulting company, and provided consultant support for SiriusXM.  Before Aegis, he held a number of senior management positions in consumer electronics, including the Senior Executive Vice President of Digital Media Solutions for Thomson, a worldwide leader in consumer electronics.