Satellite radio provider Sirius XM (SIRI.O) said last Tuesday it had added more than 257,000 net subscribers during the fourth quarter, the most since the third quarter of 2008, as it benefited from improvements in car sales. The company also said it will report more than US$100 million in free cash flow for the full year, after reporting negative free cash flow of IS$552 million in 2008.
“Improvements in automotive sales, conversion rates and better than anticipated self-pay churn suggest that the outlook for the auto sector and the effects of the economy on our business are beginning to improve,” said Sirius Chief Executive Mel Karmazin. It said the conversion rate to a self-pay subscription from a trial included in the sale of a vehicle was 46.4 percent up from 44.2 percent in the fourth quarter of 2008. The company also reiterated its guidance and said it would report over US$400 million in pro forma adjusted operating income, an improvement of over US$500 million from the pro forma adjusted operating income for 2008. Sirius XM plans to release full-year 2009 financial results next month.
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