Sirius XM Radio added 334,000 subscribers in the third quarter, the satellite radio company reported Thursday. That brings their total to 21.3 million subscribers.
It also reported a revenue of $763 million, up 6 percent over third quarter 2010 revenue of $718 million, and adjusted EBITDA of $197 million.
“In the third quarter, we once again delivered record levels of subscribers, revenue and adjusted EBITDA, and we are confident our positive momentum will continue in the fourth quarter. This has been an exciting year for SiriusXM, but I’m even more excited by the many opportunities awaiting us in 2012. We plan to accelerate our revenue and adjusted EBITDA growth, deliver more free cash flow than ever before, and we are thrilled to offer exciting new content and innovations to our existing and future subscribers,” says CEO Mel Karmazin in a statement.
Net income in the third quarters of 2011 and 2010 was $104 million and $68 million, respectively, or $0.02 and $0.01 per diluted share, respectively.
“We ended the third quarter with more than $600 million of cash and cash equivalents,” says EVP and CFO David Frear. “Our ratio of net debt to adjusted EBITDA declined to 3.4x at the end of the third quarter of 2011 from 4.5x at the end of the third quarter of 2010. Our free cash flow for the first nine months of 2011 of $224 million exceeded the $210 million of free cash flow generated for the entire year of 2010. With the seasonally strong cash flow of the fourth quarter ahead of us, declining capital expenditures, the anticipated substantial 2012 growth in EBITDA and free cash flow, and declining debt maturities in 2012 our liquidity will continue to rapidly improve,” added Frear.