Total Revenue for Sirius_XM

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Sirius XM Radio (SIRI)

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SIRI » Topics » Total Revenue

This excerpt taken from the SIRI 10-Q filed May 11, 2009.

Total Revenue

Subscriber Revenue. Subscriber revenue includes subscription fees, activation fees and the effects of rebates.

•

Three Months: For the three months ended March 31, 2009 and 2008, subscriber revenue was $556,392 and $255,640, respectively, an increase of 118% or $300,752. The Merger was responsible for approximately $284,469 of the increase and the remaining increase was primarily attributable to subscriber growth.

The following table contains a breakdown of our subscriber revenue for the periods presented:


	For the Three Months Ended March 31,
	2009			2008
Subscription fees	$	550,575		$	250,467
Activation fees		6,056			6,298
Effect of rebates		(239	)		(1,125	)

Total subscriber revenue	$	556,392		$	255,640

Future subscriber revenue will be dependent upon, among other things, the growth of our subscriber base, promotions, rebates offered to subscribers and corresponding take-rates, plan mix, subscription prices and the identification of additional revenue streams from subscribers. We expect subscription revenue to increase due to the inclusion of the full period results of XM.

Advertising Revenue. Advertising revenue includes the sale of advertising on our non-music channels, net of agency fees. Agency fees are based on a stated percentage per the advertising agreements applied to gross billing revenue.

•

Three Months: For the three months ended March 31, 2009 and 2008, net advertising revenue was $12,304 and $8,408, respectively, which represents an increase of $3,896. The Merger was responsible for approximately $4,520 of the increase, which was offset by a decrease in ad revenue due to the decline in the current economic environment and the national radio advertising market.

Our advertising revenue is subject to fluctuation based on the national advertising environment. We believe these general economic conditions have negatively affected our advertising revenue in recent quarters. We expect advertising revenue to grow as our subscribers increase, as we continue to improve brand awareness and content, and as we increase the size and effectiveness of our advertising sales force. Additionally, advertising revenue will increase as a result of the inclusion of the full period results of XM.

Equipment Revenue. Equipment revenue includes revenue and royalties from the sale of SIRIUS and XM radios, components and accessories.

•

Three Months: For the three months ended March 31, 2009 and 2008, equipment revenue was $9,909 and $6,063, respectively, which represents an increase of $3,846. The Merger was responsible for approximately $5,917 of the increase. The equipment revenue increase was partially offset by a decrease in sales through our direct to consumer distribution channel.

We expect equipment revenue to increase as we introduce new products, integrate XM products and as sales grow through our direct to consumer distribution channel as well as the inclusion of the full period results of XM.

These excerpts taken from the SIRI 10-K filed Mar 10, 2009.

Total Revenue

Subscriber Revenue. Subscriber revenue includes subscription fees, activation fees and the effects of rebates.

•

2008 vs. 2007: For the years ended December 31, 2008 and 2007, subscriber revenue was $1,543,951 and $854,933, respectively, an increase of 81% or $689,018. The Merger was responsible for approximately $467,489 of the increase and the remaining increase was primarily attributable to the growth of subscribers to our services.

•

2007 vs. 2006: For the years ended December 31, 2007 and 2006, subscriber revenue was $854,933 and $575,404, respectively, an increase of 49% or $279,529. The increase was primarily attributable to the 38% growth of subscribers to our service.

The following table contains a breakdown of our subscriber revenue for the periods presented:


	For the Years Ended December 31,
	2008			2007			2006
Subscription fees	$	1,524,758		$	853,832		$	572,386
Activation fees		23,025			20,878			15,612
Effect of rebates		(3,832	)		(19,777	)		(12,594	)

Total subscriber revenue	$	1,543,951		$	854,933		$	575,404

Future subscriber revenue will be dependent upon, among other things, the growth of our subscriber base, promotions, rebates offered to subscribers and corresponding take-rates, plan mix, subscription prices and the identification of additional revenue streams from subscribers. Overall, we expect subscription revenue to increase due to the inclusion of the full period results of XM.

•

2008 vs. 2007: For the years ended December 31, 2008 and 2007, net advertising revenue was $47,190 and $34,192, respectively, which represents an increase of $12,998. The Merger was responsible for approximately $9,745 of the increase and the remaining increase was primarily attributable to an increase in advertisers compared to the year ended December 31, 2007.

•

2007 vs. 2006: For the years ended December 31, 2007 and 2006, net advertising revenue was $34,192 and $31,044, respectively, an increase of $3,148.

We expect advertising revenue to grow as our subscribers increase, as we continue to improve brand awareness and content, and as we increase the size and effectiveness of our advertising sales force. Additionally, advertising revenue will increase as a result of the inclusion of the full period results of XM. Advertising revenue is subject to fluctuation based on the national advertising environment.

Equipment Revenue. Equipment revenue includes revenue and royalties from the sale of SIRIUS and XM radios, components and accessories.

•

2008 vs. 2007: For the years ended December 31, 2008 and 2007, equipment revenue was $56,001 and $29,281, respectively, which represents an increase of $26,720. The Merger was responsible for approximately $18,991 of the increase and the remaining increase was primarily attributable to higher unit sales at higher average prices.

•

2007 vs. 2006: For the years ended December 31, 2007 and 2006, equipment revenue was $29,281 and $26,798, respectively, an increase of $2,483. The increase was the result of higher sales through our direct to consumer distribution channel, offset by the effects of promotional discounts and rebates.

Total Revenue

FACE="Times New Roman" SIZE="2">Subscriber Revenue. Subscriber revenue includes subscription fees, activation fees and the effects of rebates.

STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">

•

2008 vs. 2007: For the years ended December 31, 2008 and 2007, subscriber revenue was $1,543,951 and $854,933, respectively, an increase of 81% or
$689,018. The Merger was responsible for approximately $467,489 of the increase and the remaining increase was primarily attributable to the growth of subscribers to our services.

STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">

•

2007 vs. 2006: For the years ended December 31, 2007 and 2006, subscriber revenue was $854,933 and $575,404, respectively, an increase of 49% or
$279,529. The increase was primarily attributable to the 38% growth of subscribers to our service.

The following table
contains a breakdown of our subscriber revenue for the periods presented:


	For the Years Ended December 31,
	2008			2007			2006
Subscription fees	$	1,524,758		$	853,832		$	572,386
Activation fees		23,025			20,878			15,612
Effect of rebates		(3,832	)		(19,777	)		(12,594	)

Total subscriber revenue	$	1,543,951		$	854,933		$	575,404

Future subscriber revenue will be dependent upon, among other things, the growth of our subscriber
base, promotions, rebates offered to subscribers and corresponding take-rates, plan mix, subscription prices and the identification of additional revenue streams from subscribers. Overall, we expect subscription revenue to increase due to the
inclusion of the full period results of XM.

Advertising Revenue. Advertising revenue includes the sale of advertising
on our non-music channels, net of agency fees. Agency fees are based on a stated percentage per the advertising agreements applied to gross billing revenue.

•

2008 vs. 2007: For the years ended December 31, 2008 and 2007, net advertising revenue was $47,190 and $34,192, respectively, which represents an
increase of $12,998. The Merger was responsible for approximately $9,745 of the increase and the remaining increase was primarily attributable to an increase in advertisers compared to the year ended December 31, 2007.

•

2007 vs. 2006: For the years ended December 31, 2007 and 2006, net advertising revenue was $34,192 and $31,044, respectively, an increase of $3,148.

We expect advertising revenue to grow as our subscribers increase, as we continue to improve brand awareness and
content, and as we increase the size and effectiveness of our advertising sales force. Additionally, advertising revenue will increase as a result of the inclusion of the full period results of XM. Advertising revenue is subject to fluctuation based
on the national advertising environment.

Equipment Revenue. Equipment revenue includes revenue and royalties
from the sale of SIRIUS and XM radios, components and accessories.

•

2008 vs. 2007: For the years ended December 31, 2008 and 2007, equipment revenue was $56,001 and $29,281, respectively, which represents an increase of
$26,720. The Merger was responsible for approximately $18,991 of the increase and the remaining increase was primarily attributable to higher unit sales at higher average prices.

STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">

•

2007 vs. 2006: For the years ended December 31, 2007 and 2006, equipment revenue was $29,281 and $26,798, respectively, an increase of $2,483. The
increase was the result of higher sales through our direct to consumer distribution channel, offset by the effects of promotional discounts and rebates.

FACE="Times New Roman" SIZE="2">We expect equipment revenue to increase as we introduce new products, integrate XM products and as sales grow through our direct to consumer distribution channel as well as the inclusion of the full period results of
XM.

This excerpt taken from the SIRI 10-Q filed Nov 12, 2008.

Total Revenue

Subscriber Revenue. Subscriber revenue includes subscription fees, activation fees and the effects of rebates.

•

Three Months: For the three months ended September 30, 2008 and 2007, subscriber revenue was $456,357 and $226,844, respectively, an increase of 101% or $229,513. $181,153 of the increase was attributable to the Merger, and the remaining increase was primarily attributable to growth of subscribers to our service.

•

Nine Months: For the nine months ended September 30, 2008 and 2007, subscriber revenue was $978,516 and $627,275, respectively, an increase of 56% or $351,241. $181,153 of the increase was attributable to the Merger, and the remaining increase was primarily attributable to the growth of subscribers to our service.

The following table contains a breakdown of our subscriber revenue for the periods presented (in thousands):


	Three months ended September 30,						Nine months ended September 30,
	2008			2007			2008			2007
Subscription fees	$	451,660		$	222,136		$	961,574		$	617,591
Activation fees		4,920			5,288			17,271			15,456
Effect of rebates		(223	)		(580	)		(329	)		(5,772	)

Total subscriber revenue	$	456,357		$	226,844		$	978,516		$	627,275

•

Three Months: For the three months ended September 30, 2008 and 2007, net advertising revenue was $14,674 and $8,524, respectively, which represents an increase of $6,150. $5,165 of the increase was attributable to the Merger, and the remaining increase was primarily attributable to an increase in advertisers compared to the three months ended September 30, 2007.

•

Nine Months: For the nine months ended September 30, 2008 and 2007, net advertising revenue was $31,413 and $24,422, respectively, which represents an increase of $6,991. $5,165 of the increase was attributable to the Merger, and the remaining increase was primarily attributable to an increase in advertisers compared to the nine months ended September 30, 2007.

We expect advertising revenue to grow as our subscribers increase, as we continue to improve brand awareness and content, and as we increase the size and effectiveness of our advertising sales force. Advertising revenue is subject to fluctuation based on the overall advertising environment. Our advertising revenue may also fluctuate in the short term as a result of an advertising backlog we acquired from XM and the integration of XM’s advertiser relationships.

Equipment Revenue. Equipment revenue includes revenue from the direct sale of SIRIUS and XM radios and accessories through our direct to consumer distribution channel.

•

Three Months: For the three months ended September 30, 2008 and 2007, equipment revenue was $11,271 and $6,290, respectively, which represents an increase of $4,981. $3,351 of the increase was attributable to the Merger, and the remaining increase was primarily attributable to a result of higher sales through our direct to consumer distribution channel, offset by the effects of promotional discounts.

•

Nine Months: For the nine months ended September 30, 2008 and 2007, equipment revenue was $25,290 and $17,216, respectively, which represents an increase of $8,074. $3,351 of the increase was attributable to the Merger, and the remaining increase was primarily attributable to a result of higher sales through our direct-to-consumer distribution channel, offset by the effects of promotional discounts.

We expect equipment revenue to increase as we introduce new products, integrate XM products and as sales grow through our direct to consumer distribution channel.

This excerpt taken from the SIRI 10-Q filed Nov 8, 2006.

Total Revenue

Subscriber Revenue. Subscriber revenue includes subscription fees, activation fees and the effects of mail-in rebates.


	•	Three Months: For the three months ended September 30, 2006 and 2005, subscriber revenue was $155,337 and $64,273, respectively, an increase of 142% or $91,064. The increase was attributable to the growth of subscribers to our service.

	•	Nine Months: For the nine months ended September 30, 2006 and 2005, subscriber revenue was $408,154 and $155,799, respectively, an increase of 162% or $252,355. The increase was attributable to the growth of subscribers to our service.

The following table contains a breakdown of our subscriber revenue for the periods presented:


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,

	2006			2005			2006			2005

Subscription fees	$	153,192		$	63,920		$	407,203		$	154,575
Activation fees		3,955			1,858			11,326			4,742
Effects of mail-in rebates		(1,810	)		(1,505	)		(10,375	)		(3,518	)

Total subscriber revenue	$	155,337		$	64,273		$	408,154		$	155,799

Future subscriber revenue will be dependent upon, among other things, the growth of our subscriber base, promotions, mail-in rebates offered to subscribers and corresponding take-rates, plan mix, subscription prices and the identification of additional revenue streams from subscribers.


	•	Three Months: For the three months ended September 30, 2006 and 2005, net advertising revenue was $7,130 and $1,508, respectively, an increase of $5,622. More attractive programming and increased advertiser interest resulted in an increase in spots sold.

	•	Nine Months: For the nine months ended September 30, 2006 and 2005, net advertising revenue was $22,593 and $3,094, respectively, an increase of $19,499. More attractive programming and increased advertiser interest resulted in an increase in spots sold.

We expect advertising revenue to grow as our subscribers increase and we continue to improve brand awareness and content.

Equipment Revenue. Equipment revenue includes revenue from the direct sale of SIRIUS radios and accessories through our direct to consumer distribution channel.


	•	Three Months: For the three months ended September 30, 2006 and 2005, equipment revenue was $3,579 and $1,030, respectively, an increase of $2,549. The increase was the result of higher sales through our direct to consumer distribution channel, offset by the effects of promotional discounts.

	•	Nine Months: For the nine months ended September 30, 2006 and 2005, equipment revenue was $10,367 and $3,300, respectively, an increase of $7,067. The increase was the result of higher sales through our direct to consumer distribution channel, offset by the effects of promotional discounts.

We expect equipment revenue to increase in the future as we continue to introduce new products and as sales through our direct to consumer distribution channel grow.

This excerpt taken from the SIRI 10-Q filed Aug 9, 2006.

Total Revenue

Subscriber Revenue. Subscriber revenue includes subscription fees, activation fees and the effects of mail-in rebates.


	•	Three Months: For the three months ended June 30, 2006 and 2005, subscriber revenue was $137,636 and $49,622, respectively, an increase of 177% or $88,014. The increase was attributable to the growth of subscribers to our service.

	•	Six Months: For the six months ended June 30, 2006 and 2005, subscriber revenue was $252,817 and $91,526, respectively, an increase of 176% or $161,291. The increase was attributable to the growth of subscribers to our service.

The following table contains a breakdown of our subscriber revenue for the periods presented:


	For the Three Months Ended June 30,						For the Six Months Ended June 30,

	2006			2005			2006			2005

Subscription fees	$	136,020		$	50,057		$	254,011		$	90,655
Activation fees		3,647			1,346			7,371			2,884
Effects of mail-in rebates		(2,031	)		(1,781	)		(8,565	)		(2,013	)

Total subscriber revenue	$	137,636		$	49,622		$	252,817		$	91,526


	•	Three Months: For the three months ended June 30, 2006 and 2005, advertising revenue was $8,125 and $1,052, respectively, an increase of $7,073. More attractive programming and increased advertiser interest resulted in an increase in spots sold.

	•	Six Months: For the six months ended June 30, 2006 and 2005, advertising revenue was $15,463 and $1,586, respectively, an increase of $13,877. More attractive programming and increased advertiser interest resulted in an increase in spots sold.

We expect advertising revenue to grow as our subscribers increase and we continue to improve brand awareness and content.

Equipment Revenue. Equipment revenue includes revenue from the direct sale of SIRIUS radios and accessories through our direct to consumer distribution channel.


	•	Three Months: For the three months ended June 30, 2006 and 2005, equipment revenue was $3,096 and $1,503, respectively, an increase of $1,593. The increase was the result of increased sales through our direct to consumer distribution channel.

	•	Six Months: For the six months ended June 30, 2006 and 2005, equipment revenue was $6,788 and $2,270, respectively, an increase of $4,518. The increase was the result of increased sales through our direct to consumer distribution channel.

We expect equipment revenue to increase in the future as we continue to introduce new products and as sales through our direct to consumer distribution channel grow.

This excerpt taken from the SIRI 10-Q filed May 9, 2006.

Total Revenue

Subscriber Revenue. Subscriber revenue increased $73,277 to $115,181 for the three months ended March 31, 2006 from $41,904 for the three months ended March 31, 2005. The increase was attributable to the growth of subscribers to our service. As of March 31, 2006, we had 4,077,747 subscribers compared with 3,316,560 subscribers as of December 31, 2005 and 1,448,695 subscribers as of March 31, 2005. We added 2,629,052 net new subscribers since March 31, 2005.

The following table contains a breakdown of our subscriber revenue:


	For the Three Months Ended March 31,

	2006			2005			Variance


Subscription fees	$	117,991		$	40,598		$	77,393
Activation fees		3,724			1,538			2,186
Effects of mail-in rebates		(6,534	)		(232	)		(6,302	)

Total subscriber revenue	$	115,181		$	41,904		$	73,277

Advertising Revenue. Advertising revenue increased $6,804 to $7,338 for the three months ended March 31, 2006 from $534 for the three months ended March 31, 2005. The increase was a result of more spots sold due to new and more attractive programming and increased advertiser interest as we continue to build brand awareness.

We expect advertising revenue to grow as our subscribers increase and we continue to improve brand awareness and content, including the impact from the launch of The Howard Stern Show in January 2006.

ARPU. Set forth below is a table showing the calculation of ARPU:


	For the Three Months Ended March 31,

	2006			2005

Average monthly subscriber revenue per subscriber before effects of Hertz subscribers and mail-in rebates	$	10.70		$	10.64
Effects of Hertz subscribers		0.03			0.01
Effects of mail-in rebates		(0.58	)		(0.06	)

Average monthly subscriber revenue per subscriber		10.15			10.59
Average monthly net advertising revenue per subscriber		0.65			0.13

ARPU	$	10.80		$	10.72

The increase in ARPU to $10.80 for the three months ended March 31, 2006 from $10.72 for the three months ended March 31, 2005 was primarily attributable to the improvement in our Hertz program, the effects of the timing of the commencement of revenue recognition for prepaid subscriptions and increased advertising revenue, offset by the impact of mail-in rebates and plan mix.

Equipment Revenue. Equipment revenue increased $2,925 to $3,692 for the three months ended March 31, 2006 from $767 for the three months ended March 31, 2005. The increase was the result of increased sales through our direct to consumer distribution channel.

We expect equipment revenue to increase in the future as we continue to introduce new products and as sales through our direct to consumer distribution channel grow.

EXCERPTS ON THIS PAGE:

10-Q	May 11, 2009

10-K (2 sections)	Mar 10, 2009

10-Q	Nov 12, 2008

10-Q	Nov 8, 2006

10-Q	Aug 9, 2006

10-Q	May 9, 2006

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Sirius XM Radio (SIRI)

SIRI » Topics » Total Revenue

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