Sirius XM Radio will Report Third Quarter 2008 Earnings on November 10, 200.
SIRIUS XM Radio today released an outline of its five-year operational and financial forecast.
The
company is in discussions with several financial institutions regarding
a financing to replace its 2-1/2% Convertible Notes due 2009. In
connection with these discussions, the company is releasing the
material elements of its five-year operational and financial forecast.
The material elements of the projections are:
2009E 2010E 2011E 2012E 2013E
(Subscribers in millions; dollar amounts in billions)
Subscribers 20.6 22.1 24.0 26.2 28.4
Revenue $2.7 $3.0 $3.4 $3.8 $4.1
Adjusted
EBITDA* $0.3 $0.6 $0.9 $1.3 $1.5
Free Cash
Flow* $0.0 $0.4 $0.6 $1.0 $1.4
*Adjusted EBITDA is net income / (loss) from operations plus equity expense and depreciation and amortization expense. Free cash flow is derived from net change in cash and cash equivalents plus cash flow from financing activities and other investment activity. Adjusted EBITDA and Free Cash Flow are non-GAAP financial measures. A reconciliation of these non-GAAP financial measures to their most comparable financial measure calculated and presented in accordance with GAAP is attached to this press release. The projections shown above do not give effect to any adjustments that may occur in respect of the valuation of XM’s assets and liabilities acquired in the merger. Any such adjustments could materially affect certain of these projections.
Current economic conditions, particularly the dramatic and recent slow down in auto sales, have negatively impacted subscriber growth for 2008 and 2009. The company expects to end 2008 with 19.1 million subscribers and end 2009 with 20.6 million subscribers. The company remains confident in its Revenue and Adjusted EBITDA guidance for 2008 and 2009, which remains unchanged.
The company plans to hold a conference call at 4:30 pm ET on Monday,
November 10, 2008 to discuss these results, at which time the company
will address questions, including questions regarding the forecast
outlined above. Investors and the press can listen to the conference
call via the company’s website, www.sirius.com, and on its satellite radio service by tuning to SIRIUS channel 113 or XM Live, channel 90.
A replay of the call will be available on www.sirius.com.
SIRIUS XM and its subsidiaries expect
to file their Quarterly Reports on Form 10-Q with the SEC on November 10, 2008. Copies can be obtained by visiting http://investor.sirius.com.