SiriusXM Reports 4Q Increase In Revenue

• 2014 Revenue Climbs 10% to $4.18 Billion
• Net Income Increases 31% to $493 Million in 2014
• Record Adjusted EBITDA of $1.47 Billion in 2014, up 26%
• 2014 Free Cash Flow Reaches Record $1.16 Billion, up 25%
• $2.5 Billion of Stock Repurchased in 2014

SiriusXM today announced fourth quarter and full-year 2014 operating and financial results, including record revenue of $1.09 billion and $4.18 billion for the fourth quarter and full-year, respectively, up 9% and 10% versus the prior year periods.

Net income of $143 million and $493 million in the fourth quarter and full-year 2014, respectively, compared to $65 million and $377 million in the fourth quarter and full-year 2013.  Net income per diluted common share was $0.03 and $0.08, respectively, in the fourth quarter and full-year 2014, versus $0.01 and $0.06 in the fourth quarter and full-year 2013. Adjusted EBITDA was $381 million and $1.47 billion, respectively, in the fourth quarter and full-year, up 17% and 26% versus the prior year periods.

Jim Meyer

"As our results demonstrate, SiriusXM had a great year by delivering to subscribers new and exciting music, sports, and talk programming; executing on our growth plan; and driving 36% growth in free cash flow per diluted share, all while investing in the future of the connected car," said Jim Meyer, Chief Executive Officer, SiriusXM.

"We have once again set ambitious targets for 2015 to grow our subscriber base, revenue, adjusted EBITDA, and free cash flow to new, record-high levels. I'm confident in our ability to be creative and innovative as the leader in audio entertainment, making our superior service an even better experience for our subscribers in 2015," added Meyer.

4Q 2014 Highlights:

• Strong fourth quarter net subscriber gains. SiriusXM recorded 576,689 net new subscribers in the fourth quarter, marking the largest fourth-quarter increase since 2007. 
• Subs now total 27.3 million
• Self-pay net subscriber additions were 508,032 in the fourth quarter of 2014 compared to 411,484 in the fourth quarter of 2013.

Full-Year 2014 Highlights:

• Full-year subscriber gains exceed targets. SiriusXM reported 2014 total and self-pay net subscriber additions, respectively, of 1,751,777 and 1,440,821, each ahead of the company's original full-year guidance of 1,250,000. 
• The company ended 2014 with 27.3 million total paying subscribers and 22.5 million self-pay subscribers, each up 7% from the end of 2013.

2015 Guidance:

• 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.