SiriusXM 1Q Revenue Increases 11 Percent

• First Quarter Revenue Climbs 11% to $1.2 Billion, a Quarterly Record
• Net Income Rises 62% to $171 Million in the First Quarter
• First Quarter Adjusted EBITDA Grows 11% to $441 Million
• 1Q Revenue CkFree Cash Flow Per Diluted Share of 6.4 Cents in the First Quarter, Up 31%

SiriusXM today announced first quarter 2016 operating and financial results, including record high quarterly revenue of $1.2 billion, up 11% from the first quarter of 2015.

Net income totaled $171 million in the first quarter of 2016, up 62% from $106 million in the first quarter of 2015. Net income per diluted common share was $0.03 in the first quarter of 2016 compared to $0.02 in the first quarter of 2015. Adjusted EBITDA in the first quarter of 2016 was $441 million, an 11% increase from $399 million in the first quarter of 2015.

"SiriusXM's results exceeded our expectations in the first quarter, and I'm especially pleased we were able to add 465,000 net new subscribers, leading to an 8% increase in subscribers over the prior year. With excellent subscriber growth so early in the year, we are raising our guidance for full year net subscriber additions to 1.6 million. We set first quarter records for revenue, adjusted EBITDA, and free cash flow, and we are on track to achieve all of our financial goals this year," noted Jim Meyer, Chief Executive Officer, SiriusXM.

Jim Meyer

"With a new full time music channel from Kenny Chesney, live broadcasts from major music festivals, special popup channels for David Bowie and Billy Joel, as well as new talk shows, and unmatched coverage of the presidential primaries, SiriusXM continues to be the leader in audio entertainment. We are always looking to deliver new, compelling content to our subscribers," added Meyer.

SiriusXM Subscribers Exceed 30 Million. The company added 465,000 net new subscribers to end the first quarter of 2016 with nearly 30.1 million subscribers, an increase of 8% from 27.7 million subscribers at the end of the first quarter of 2015. Self-pay net additions were 348,000 during the first quarter, resulting in self-pay subscribers of 24.6 million, up 8% versus the prior year period.
Double-Digit Revenue Growth. Revenue climbed 11% to $1.2 billion, a record high for a first quarter. The increase was driven by an 8% increase in subscribers and a 3% increase in average revenue per user (ARPU) to $12.66.

The company now expects to add 1.6 million net new total subscribers in 2016, an increase from prior guidance of 1.4 million. SiriusXM's 2016 guidance for continued growth in self-pay subscribers, revenue, adjusted EBITDA, and free cash flow remains unchanged.