SiriusXM Exceeds 2014 Subscriber and Financial Targets

James Meyer

SiriusXM today announced that it ended 2014 with 27.3 million subscribers, reporting 1.75 million net subscriber additions in the year, exceeding the company's increased guidance of 1.5 million net additions.

Self-pay net additions in 2014 were 1.44 million, exceeding the company's 2014 guidance of 1.25 million and resulting in ending self-pay subscriptions of over 22.5 million.

The company also announced that it expects to exceed its 2014 guidance for revenue, adjusted EBITDA and free cash flow.

"SiriusXM performed very well in 2014, exceeding our 2014 subscriber and financial guidance, even after pushing most of these targets higher during the year. With more people than ever subscribing to satellite radio, we expect the company's strong performance to continue in 2015," said Jim Meyer, SiriusXM's Chief Executive Officer.

"Our exclusive, diverse, and expertly curated content continues to have widespread appeal. SiriusXM's automotive distribution is growing by millions of units per year, and we expect to continue our exceptional track record of growth while simultaneously investing in innovative new services for the connected vehicle," added Meyer.

The company also issued 2015 guidance for net subscriber additions, revenue, adjusted EBITDA, and free cash flow:

• Net subscriber additions of approximately 1.2 million,
• Revenue of approximately $4.4 billion,
• Adjusted EBITDA of approximately $1.6 billion, and
• Free cash flow of approximately $1.25 billion.

However, the company’s revenue guidance for this year came in shy of analysts’ views.

SiriusXM expects to announce its complete results for the fourth quarter and full year 2014 on February 5, 2015.