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SIRI » Topics » 2009E cash OpEx approximately 8% below PF 2007 levels, despite 31% growth in revenue

This excerpt taken from the SIRI 8-K filed Sep 9, 2008.

2009E cash OpEx approximately 8% below PF 2007 levels, despite 31% growth in revenue

Source: Company filings and estimates. Note, cash operating expenses excludes depreciation and amortization and stock compensation expenses. Adjusted EBITDA is net income / (loss)
              before interest and investment income, interest expense (net of amounts capitalized), depreciation expense, and non-cash stock compensation expense.

Operating expenses benefit from synergies and continued
cost controls

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