SiriusXM Reports First Quarter 2013 Results

SiriusXM Reports First Quarter 2013 Results

- Subscribers Grow by 453,000 to a Record 24.4 Million

- Record Revenue of $897 Million, Up 12%

- Net Income of $124 Million, Up 15%

- Adjusted EBITDA Grows 26% to a Record $262 Million

- Free Cash Flow Guidance Increased

- Company Repurchases 209 Million Shares of Common Stock

NEW YORK, April 30, 2013 /PRNewswire/ --Sirius XM Radio (NASDAQ: SIRI)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.

(Logo: http://photos.prnewswire.com/prnh/20101014/NY82093LOGO)

"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.

"We continue to focus on profitable subscriber growth first and foremost. We expect to achieve record adjusted EBITDA margins this year, which is all the more impressive considering our investments in new content, services, and expanding our distribution in the previously-owned vehicle market. We are off to a great start for the year and are confident in achieving our guidance," remarked Meyer.

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.
"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. The Company's leverage improved to 2.5x our adjusted EBITDA, well below our target leverage of 3.5x," noted David Frear, SiriusXM's Executive Vice President and Chief Financial Officer.

"Our low leverage together with availability under our $1.25 billion revolving credit facility provide substantial flexibility to pursue our $2 billion stock buyback program and continue to invest in our business and evaluate strategic opportunities," added Frear.

2013 GUIDANCE

The Company raised its free cash flow guidance and reiterated its 2013 guidance for subscriber growth, revenue, and adjusted EBITDA:


-- Self-pay net subscriber additions of approximately 1.6 million,
-- Total net subscriber additions of approximately 1.4 million,
-- Revenue of over $3.7 billion,
-- Adjusted EBITDA of over $1.1 billion, and
-- Free cash flow of approximately $915 million.
FIRST QUARTER 2013 RESULTS




SIRIUS XM RADIO INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME

(UNAUDITED)


For the Three Months Ended
March 31,
--------------------------

(in thousands, except per share data) 2013 2012
---- ----


Revenue:

Subscriber revenue $783,342 $700,242

Advertising revenue 20,211 18,670

Equipment revenue 18,156 16,953

Other revenue 75,689 68,857
------ ------

Total revenue 897,398 804,722

Operating expenses:

Cost of services:

Revenue share and royalties 148,531 132,111

Programming and content 74,610 70,095

Customer service and billing 80,394 66,187

Satellite and transmission 19,695 18,110

Cost of equipment 7,027 5,806

Subscriber acquisition costs 116,111 116,121

Sales and marketing 65,899 58,361

Engineering, design and development 14,842 12,690

General and administrative 56,340 59,886

Depreciation and amortization 67,018 66,117

Total operating expenses 650,467 605,484
------- -------

Income from operations 246,931 199,238

Other income (expense):

Interest expense, net of amounts capitalized (46,174) (76,971)

Loss on extinguishment of debt and credit
facilities, net - (9,971)

Interest and investment income (loss) 1,638 (1,142)

Other income (loss) 247 (578)

Total other expense (44,289) (88,662)
------- -------

Income before income taxes 202,642 110,576

Income tax expense (79,040) (2,802)

Net income $123,602 $107,774
======== ========

Foreign currency translation adjustment, net
of tax (172) (56)

Total comprehensive income $123,430 $107,718
======== ========

Net income per common share:

Basic $0.02 $0.02
===== =====

Diluted $0.02 $0.02
===== =====

Weighted average common shares outstanding:

Basic 6,259,803 3,767,443
========= =========

Diluted 6,606,276 6,537,728
========= =========





SIRIUS XM RADIO INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

March 31, 2013 December 31, 2012
-------------- -----------------

(in thousands, except share and per share data) (Unaudited)

ASSETS

Current assets:

Cash and cash equivalents $206,727 $520,945

Accounts receivable, net 107,875 106,142

Receivables from distributors 102,762 104,425

Inventory, net 20,095 25,337

Prepaid expenses 171,248 122,157

Related party current assets 8,255 13,167

Deferred tax asset 970,231 923,972

Other current assets 12,060 12,037
------ ------

Total current assets 1,599,253 1,828,182

Property and equipment, net 1,542,970 1,571,922

Long-term restricted investments 3,999 3,999

Deferred financing fees, net 32,747 38,677

Intangible assets, net 2,507,019 2,519,610

Goodwill 1,815,365 1,815,365

Related party long-term assets 41,258 44,954

Long-term deferred tax asset 1,089,440 1,219,256

Other long-term assets 11,146 12,878

Total assets $8,643,197 $9,054,843
========== ==========

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable and accrued expenses $516,526 $587,652

Accrued interest 65,008 33,954

Current portion of deferred revenue 1,516,608 1,474,138

Current portion of deferred credit on executory
contracts 140,389 207,854

Current maturities of long-term debt 3,955 4,234

Related party current liabilities 12,647 6,756
------ -----

Total current liabilities 2,255,133 2,314,588

Deferred revenue 162,461 159,501

Deferred credit on executory contracts 4,230 5,175

Long-term debt 2,175,270 2,222,080

Long-term related party debt 209,073 208,906

Related party long-term liabilities 18,272 18,966

Other long-term liabilities 81,377 86,062

Total liabilities 4,905,816 5,015,278
--------- ---------


Stockholders' equity:

Preferred stock, par value $0.001; 50,000,000
authorized at March 31, 2013 and December 31,
2012:

Convertible perpetual preferred stock, series B-1
(liquidation preference of $0.001 per share); 0
and 6,250,100 shares issued and outstanding at
March 31, 2013 and December 31, 2012,
respectively - 6

Common stock, par value $0.001; 9,000,000,000
shares authorized; 6,442,718,811 and
5,262,440,085 shares issued; 6,433,648,535 and
5,262,440,085 shares outstanding, at March 31,
2013 and December 31, 2012, respectively 6,443 5,263

Accumulated other comprehensive (loss) income, net
of tax (52) 120

Additional paid-in capital 9,946,701 10,345,566

Treasury stock, at cost; 9,070,276 and 0 shares of
common stock at March 31, 2013 and December 31,
2012, respectively (27,923) -

Accumulated deficit (6,187,788) (6,311,390)
---------- ----------

Total stockholders' equity 3,737,381 4,039,565
--------- ---------

Total liabilities and stockholders' equity $8,643,197 $9,054,843
========== ==========





SIRIUS XM RADIO INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

For the Three Months Ended March 31,
------------------------------------

(in thousands) 2013 2012
---- ----

Cash flows from operating activities:

Net income $123,602 $107,774

Adjustments to reconcile net income to net cash
provided by operating activities:

Depreciation and amortization 67,018 66,117

Non-cash interest expense, net of amortization
of premium 5,442 10,647

Provision for doubtful accounts 11,410 6,208

Amortization of deferred income related to
equity method investment (694) (694)

Loss on extinguishment of debt and credit
facilities, net - 9,971

(Gain) loss on unconsolidated entity
investments, net (1,345) 422

Dividend received from unconsolidated entity
investment 9,674 -

Loss on disposal of assets 124 -

Share-based payment expense 14,518 14,951

Deferred income taxes 83,631 1,572

Other non-cash purchase price adjustments (70,459) (73,956)

Changes in operating assets and liabilities:

Accounts receivable (13,143) (12,838)

Receivables from distributors 1,663 (11,220)

Inventory 5,242 (80)

Related party assets 26 8,347

Prepaid expenses and other current assets (51,815) (65,753)

Other long-term assets 1,730 8,256

Accounts payable and accrued expenses (97,537) (96,859)

Accrued interest 31,054 7,157

Deferred revenue 47,480 56,182

Related party liabilities 5,891 2,239

Other long-term liabilities (4,597) 1,505

Net cash provided by operating activities 168,915 39,948
------- ------


Cash flows from investing activities:

Additions to property and equipment (26,434) (25,187)

Net cash used in investing activities (26,434) (25,187)
------- -------


Cash flows from financing activities:

Proceeds from exercise of stock options 10,946 22,765

Payment of premiums on redemption of debt - (6,602)

Repayment of long-term borrowings (1,933) (58,338)

Common stock repurchased and retired (465,712) -

Net cash used in financing activities (456,699) (42,175)
-------- -------

Net decrease in cash and cash equivalents (314,218) (27,414)

Cash and cash equivalents at beginning of period 520,945 773,990

Cash and cash equivalents at end of period $206,727 $746,576
======== ========


Subscriber Data and Operating Metrics

The following table contains subscriber data and key operating metrics for the three months ended March 31, 2013 and 2012, respectively:




Unaudited
---------

For the Three Months Ended
March 31,
---------------------------

2013 2012
---- ----


Beginning subscribers 23,900,336 21,892,824

Gross subscriber additions 2,509,914 2,161,693

Deactivated subscribers (2,057,024) (1,757,097)

Net additions 452,890 404,596
------- -------

Ending subscribers 24,353,226 22,297,420
========== ==========


Self-pay 19,874,660 18,208,090

Paid promotional 4,478,566 4,089,330

Ending subscribers 24,353,226 22,297,420
========== ==========


Self-pay 304,386 299,348

Paid promotional 148,504 105,248

Net additions 452,890 404,596
======= =======


Daily weighted average number
of subscribers 24,008,472 21,990,863
========== ==========


Average self-pay monthly churn 2.0% 1.9%
=== ===


New vehicle consumer conversion
rate 44% 45%
=== ===


ARPU $12.05 $11.77

SAC, per gross subscriber
addition $51 $60


Glossary

Adjusted EBITDA - EBITDA is defined as net income before interest and investment income (loss); interest expense, net of amounts capitalized; income tax expense and depreciation and amortization. We adjust EBITDA to remove the impact of other income and expense, loss on extinguishment of debt as well as certain other charges discussed below. This measure is one of the primary non-GAAP financial measures on which we (i) evaluate the performance of our businesses, (ii) base our internal budgets and (iii) compensate management. Adjusted EBITDA is a non-GAAP financial performance measure that excludes (if applicable): (i) certain adjustments as a result of the purchase price accounting for the merger of Sirius and XM, (ii) depreciation and amortization and (iii) share-based payment expense. The purchase price accounting adjustments include: (i) the elimination of deferred revenue associated with the investment in XM Canada, (ii) recognition of deferred subscriber revenues not recognized in purchase price accounting, and (iii) elimination of the benefit of deferred credits on executory contracts, which are primarily attributable to third party arrangements with an OEM and programming providers. We believe adjusted EBITDA is a useful measure of the underlying trend of our operating performance, which provides useful information about our business apart from the costs associated with our physical plant, capital structure and purchase price accounting. We believe investors find this non-GAAP financial measure useful when analyzing our results and comparing our operating performance to the performance of other communications, entertainment and media companies. We believe investors use current and projected adjusted EBITDA to estimate our current and prospective enterprise value and to make investment decisions. Because we fund and build-out our satellite radio system through the periodic raising and expenditure of large amounts of capital, our results of operations reflect significant charges for depreciation expense. The exclusion of depreciation and amortization expense is useful given significant variation in depreciation and amortization expense that can result from the potential variations in estimated useful lives, all of which can vary widely across different industries or among companies within the same industry. We also believe the exclusion of share-based payment expense is useful given the significant variation in expense that can result from changes in the fair value as determined using the Black-Scholes-Merton model which varies based on assumptions used for the expected life, expected stock price volatility and risk-free interest rates.

Adjusted EBITDA has certain limitations in that it does not take into account the impact to our statements of comprehensive income of certain expenses, including share-based payment expense and certain purchase price accounting for the merger of Sirius and XM. We endeavor to compensate for the limitations of the non-GAAP measure presented by also providing the comparable GAAP measure with equal or greater prominence and descriptions of the reconciling items, including quantifying such items, to derive the Non-GAAP measure. Investors that wish to compare and evaluate our operating results after giving effect for these costs, should refer to net income as disclosed in our consolidated statements of comprehensive income. Since adjusted EBITDA is a non-GAAP financial performance measure, our calculation of adjusted EBITDA may be susceptible to varying calculations; may not be comparable to other similarly titled measures of other companies; and should not be considered in isolation, as a substitute for, or superior to measures of financial performance prepared in accordance with GAAP. The reconciliation of net income to the adjusted EBITDA is calculated as follows (in thousands):




Unaudited
---------

For the Three Months
Ended
March 31,
---------

2013 2012
---- ----


Net income (GAAP): $123,602 $107,774

Add back items excluded from Adjusted
EBITDA:

Purchase price accounting adjustments:

Revenues 1,813 1,880

Operating expenses (68,409) (74,024)

Share-based payment expense (GAAP) 14,518 14,951

Depreciation and amortization (GAAP) 67,018 66,117

Interest expense, net of amounts
capitalized (GAAP) 46,174 76,971

Loss on extinguishment of debt and credit
facilities, net (GAAP) - 9,971

Interest and investment (income) loss
(GAAP) (1,638) 1,142

Other (income) loss (GAAP) (247) 578

Income tax expense (GAAP) 79,040 2,802

Adjusted EBITDA $261,871 $208,162
======== ========


Adjusted Revenues and Operating Expenses - We define this Non-GAAP financial measure as our actual revenues and operating expenses adjusted to exclude the impact of certain purchase price accounting adjustments and share-based payment expense. We use this non-GAAP financial measure to manage our business, set operational goals and as a basis for determining performance-based compensation for our employees. The following tables reconcile our actual revenues and operating expenses to our adjusted revenues and operating expenses for the three months ended March 31, 2013 and 2012:




Unaudited For the Three Months Ended March 31, 2013
---------------------------------------------------

(in thousands) As Reported Purchase Price Accounting Adjustments Allocation of Share-based Payment Expense Adjusted
----------- ------------------------------------- ----------------------------------------- --------


Revenue:

Subscriber revenue $783,342 $ - $ - $783,342

Advertising revenue 20,211 - - 20,211

Equipment revenue 18,156 - - 18,156

Other revenue 75,689 1,813 - 77,502

Total revenue $897,398 $1,813 $ - $899,211
======== ====== =========================== ========

Operating expenses

Cost of services:

Revenue share and royalties $148,531 $39,761 $ - $188,292

Programming and content 74,610 2,478 (1,642) 75,446

Customer service and billing 80,394 - (470) 79,924

Satellite and transmission 19,695 - (850) 18,845

Cost of equipment 7,027 - - 7,027

Subscriber acquisition costs 116,111 22,005 - 138,116

Sales and marketing 65,899 4,165 (3,061) 67,003

Engineering, design and development 14,842 - (1,647) 13,195

General and administrative 56,340 - (6,848) 49,492

Depreciation and amortization (a) 67,018 - - 67,018

Share-based payment expense - - 14,518 14,518

Total operating expenses $650,467 $68,409 $ - $718,876
======== ======= =========================== ========


(a) Purchase price accounting adjustments included above exclude the incremental depreciation and amortization
associated with the $785,000 stepped up basis in property, equipment and intangible assets as a result of the
merger of Sirius and XM. The increased depreciation and amortization for the three months ended March 31, 2013
was $13,000.





Unaudited For the Three Months Ended March 31, 2012
---------------------------------------------------

(in thousands) As Reported Purchase Price Accounting Adjustments Allocation of Share-based Payment Expense Adjusted
----------- ------------------------------------- ----------------------------------------- --------


Revenue:

Subscriber revenue $700,242 $67 $ - $700,309

Advertising revenue 18,670 - - 18,670

Equipment revenue 16,953 - - 16,953

Other revenue 68,857 1,813 - 70,670

Total revenue $804,722 $1,880 $ - $806,602
======== ====== =========================== ========

Operating expenses

Cost of services:

Revenue share and royalties $132,111 $34,846 $ - $166,957

Programming and content 70,095 11,702 (1,374) 80,423

Customer service and billing 66,187 - (427) 65,760

Satellite and transmission 18,110 - (785) 17,325

Cost of equipment 5,806 - - 5,806

Subscriber acquisition costs 116,121 24,085 - 140,206

Sales and marketing 58,361 3,391 (2,360) 59,392

Engineering, design and development 12,690 - (1,432) 11,258

General and administrative 59,886 - (8,573) 51,313

Depreciation and amortization (a) 66,117 - - 66,117

Share-based payment expense - - 14,951 14,951

Total operating expenses $605,484 $74,024 $ - $679,508
======== ======= =========================== ========


(a) Purchase price accounting adjustments included above exclude the incremental depreciation and amortization
associated with the $785,000 stepped up basis in property, equipment and intangible assets as a result of the
merger of Sirius and XM. The increased depreciation and amortization for the three months ended March 31, 2012
was $14,000.


ARPU - is derived from total earned subscriber revenue, advertising revenue and other subscription-related revenue, net of purchase price accounting adjustments, divided by the number of months in the period, divided by the daily weighted average number of subscribers for the period. Other subscription-related revenue includes the U.S. Music Royalty Fee. Purchase price accounting adjustments include the recognition of deferred subscriber revenues not recognized in purchase price accounting associated with the merger of Sirius and XM. ARPU is calculated as follows (in thousands, except for subscriber and per subscriber amounts):




Unaudited
---------

For the Three Months Ended
March 31,
--------------------------

2013 2012
---- ----


Subscriber revenue (GAAP) $783,342 $700,242

Add: advertising revenue (GAAP) 20,211 18,670

Add: other subscription-related
revenue (GAAP) 64,137 57,721

Add: purchase price accounting
adjustments - 67

$867,690 $776,700
======== ========


Daily weighted average number of
subscribers 24,008,472 21,990,863
========== ==========


ARPU $12.05 $11.77
====== ======


Average self-pay monthly churn - is defined as the monthly average of self-pay deactivations for the period divided by the average number of self-pay subscribers for the period.

Customer service and billing expenses, per average subscriber - is derived from total customer service and billing expenses, excluding share-based payment expense, divided by the number of months in the period, divided by the daily weighted average number of subscribers for the period. We believe the exclusion of share-based payment expense in our calculation of customer service and billing expenses, per average subscriber, is useful given the significant variation in expense that can result from changes in the fair market value of our common stock, the effect of which is unrelated to the operational conditions that give rise to variations in the components of our customer service and billing expenses. Customer service and billing expenses, per average subscriber, is calculated as follows (in thousands, except for subscriber and per subscriber amounts):




Unaudited
---------

For the Three Months Ended
March 31,
---------------------------

2013 2012
---- ----


Customer service and billing
expenses (GAAP) $80,394 $66,187

Less: share-based payment
expense (470) (427)

$79,924 $65,760
======= =======


Daily weighted average number
of subscribers 24,008,472 21,990,863
========== ==========


Customer service and billing
expenses, per average
subscriber $1.11 $1.00
===== =====


Free cash flow - is derived from cash flow provided by operating activities, capital expenditures and restricted and other investment activity. Free cash flow is calculated as follows (in thousands):




Unaudited
---------

For the Three Months
Ended March 31,
---------------------

2013 2012
---- ----

Cash Flow information

Net cash provided by operating
activities $168,915 $39,948

Net cash used in investing
activities $(26,434) $(25,187)

Net cash used in financing
activities $(456,699) $(42,175)

Free Cash Flow

Net cash provided by operating
activities $168,915 $39,948

Additions to property and
equipment (26,434) (25,187)

Free cash flow $142,481 $14,761
======== =======


New vehicle consumer conversion rate - is defined as the percentage of owners and lessees of new vehicles that receive our service and convert to become self-paying subscribers after the initial promotion period. At the time satellite radio enabled vehicles are sold or leased, the owners or lessees generally receive trial subscriptions ranging from three to twelve months. Promotional periods generally include the period of trial service plus 30 days to handle the receipt and processing of payments. We measure conversion rate three months after the period in which the trial service ends. The metric excludes rental and fleet vehicles.

Subscriber acquisition cost, per gross subscriber addition - or SAC, per gross subscriber addition, is derived from subscriber acquisition costs and margins from the sale of radios and accessories, excluding purchase price accounting adjustments, divided by the number of gross subscriber additions for the period. Purchase price accounting adjustments associated with the merger of Sirius and XM include the elimination of the benefit of amortization of deferred credits on executory contracts recognized at the merger date attributable to an OEM. SAC, per gross subscriber addition, is calculated as follows (in thousands, except for subscriber and per subscriber amounts):




Unaudited
---------

For the Three Months Ended
March 31,
--------------------------

2013 2012
---- ----


Subscriber acquisition costs
(GAAP) $116,111 $116,121

Less: margin from direct sales
of radios and accessories
(GAAP) (11,129) (11,147)

Add: purchase price accounting
adjustments 22,005 24,085

$126,987 $129,059
======== ========


Gross subscriber additions 2,509,914 2,161,693
========= =========


SAC, per gross subscriber
addition $51 $60
=== ===


About Sirius XM Radio

Sirius XM Radio Inc. is the world's largest radio broadcaster measured by revenue and has over 24 million subscribers. SiriusXM creates and broadcasts commercial-free music; premier sports talk and live events; comedy; news; exclusive talk and entertainment; and the most comprehensive Latin music, sports and talk programming in radio. SiriusXM is available in vehicles from every major car company in the U.S., from retailers nationwide, and online at siriusxm.com. SiriusXM programming is also available through the SiriusXM Internet Radio App for Android, Apple, and BlackBerry smartphones and other connected devices. SiriusXM also holds a minority interest in SiriusXM Canada which has more than 2 million subscribers.

On social media, join the SiriusXM community on Facebook, facebook.com/siriusxm, Twitter, twitter.com/siriusxm, Instagram, instagram.com/siriusxm, and YouTube at youtube.com/siriusxm.

This communication contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about future financial and operating results, our plans, objectives, expectations and intentions with respect to future operations, products and services; and other statements identified by words such as "will likely result," "are expected to," "will continue," "is anticipated," "estimated," "believe," "intend," "plan," "projection," "outlook" or words of similar meaning. Such forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond our control. Actual results may differ materially from the results anticipated in these forward-looking statements.

The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: our competitive position versus other forms of radio and audio services; our dependence upon automakers; general economic conditions; failure of our satellites, which, in most cases, are not insured; our ability to attract and retain subscribers at a profitable level; royalties we pay for music rights: our ability to attract and retain qualified executive officers; the unfavorable outcome of pending or future litigation; rapid technological and industry change; failure of third parties to perform; changes in consumer protection laws and their enforcement; and our substantial indebtedness. Additional factors that could cause our results to differ materially from those described in the forward-looking statements can be found in our Annual Report on Form 10-K for the year ended December 31, 2012, which is filed with the Securities and Exchange Commission (the "SEC") and available at the SEC's Internet site (http://www.sec.gov). The information set forth herein speaks only as of the date hereof, and we disclaim any intention or obligation to update any forward looking statements as a result of developments occurring after the date of this communication.

E-SIRI

Contact Information for Investors and Financial Media:

Investors:

Hooper Stevens

212 901 6718
hooper.stevens@siriusxm.com

Media:

Patrick Reilly

212 901 6646
patrick.reilly@siriusxm.com





SOURCE Sirius XM Radio

Photo:http://photos.prnewswire.com/prnh/20101014/NY82093LOGO
http://photoarchive.ap.org/
Sirius XM Radio

Web Site: http://www.siriusxm.com


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