Sirius XM Radio Inc. have released their third-quarter 2008 earnings results, showing that pro forma revenue increased 16% year over year, and total subscribers grew to more than 18.9 million (up 17% from last year).
Total operating costs, less those nasty merger related expenses, fell compared to last year, leading to a 64% improvement in the pro forma adjusted loss from operations of $37 million before restructuring costs.
Read the full press release after the jump...
SIRIUS XM RADIO REPORTS THIRD QUARTER 2008 RESULTS
• Pro Forma Revenue of $613 Million, Up 16% Year Over Year
• Total Subscribers of More Than 18.9 Million, Up 17% Year Over Year
• Self-Pay Customer Churn Remains Unchanged at 1.7%
• Pro Forma Adjusted Loss from Operations of $37 Million, Before Restructuring Costs, Improves 64% Year Over Year
NEW YORK - November 10, 2008 - SIRIUS XM Radio (NASDAQ: SIRI) today announced third quarter 2008 results, including pro forma revenue of $613 million (up 16% over the year ago quarter), total subscribers of more than 18.9 million (up 17% from last year) and a 64% improvement in the pro forma adjusted loss from operations of $37 million before purchase accounting and restructuring costs.
"SIRIUS XM third quarter results demonstrate strong revenue growth, solid cost control and most importantly a clear path to positive cash flow," said Mel Karmazin, CEO of SIRIUS. "Despite a continued tough economy and further weakening in auto sales, pro forma revenue grew 16% and ending subscribers grew 17% as compared with last year. In addition, self-pay monthly customer churn remained flat from last year at an impressive 1.7%."
"In the third quarter, total operating costs, less merger related expenses, decreased as compared with last year, leading to a 64% improvement in the pro forma adjusted loss from operations of $37 million before restructuring costs. In the first 60 days following the merger, SIRIUS XM is operationally very close to breakeven. As we realize the substantial synergies associated with the merger, we expect to quickly bring the company to positive EBITDA and free cash flow. We have provided new long term financial and operating projections based upon slower auto production and greater cost savings and we now anticipate positive free cash flow of $1 billion in 2012."
SIRIUS XM ended the third quarter 2008 with 18,920,911 subscribers up 17% from 16,234,070 subscribers at the end of the third quarter 2007. During the third quarter 2008, SIRIUS XM added 344,100 net subscribers.
Total pro forma revenue for the third quarter 2008 increased to $612.8 million, up 16% from third quarter 2007 pro forma total revenue of $529.3 million. Third quarter 2008 pro forma average monthly revenue per subscriber (ARPU) was $10.47. Third quarter 2008 average monthly self-pay customer churn was 1.7%. SAC per gross subscriber addition was $74 in the third quarter 2008, an improvement of 15% over third quarter 2007 SAC per gross subscriber addition of $87.
SIRIUS XM's pro forma net loss was ($217.0) million, or ($0.09) per share, for the third quarter of 2008, compared to a pro forma net loss of ($265.5 million), or ($0.18) per share, in the third quarter 2007.
The company's actual third quarter and nine-month results (attached hereto) include only two months of operations of XM from its July 28, 2008 acquisition. The company's actual results also include a $4.8 billion impairment charge to goodwill, principally related to the decline in the company's share price since the date of the Merger Agreement in February 2007. The company also said it will delay filing its Quarterly Reports on Form 10-Q for not more than five days in order to carefully review the required purchase accounting adjustments.
OPERATIONAL AND FINANCIAL PROJECTIONS
2009E 2010E 2011E 2012E 2013E
(Subscribers in millions; dollar amounts in billions)
Subscribers 20.6 22.1 24.0 26.2 28.4
Revenue $2.7 $3.0 $3.4 $3.8 $4.1
Adjusted
EBITDA* $0.3 $0.6 $0.9 $1.3 $1.5
Free Cash
Flow* $0.0 $0.4 $0.6 $1.0 $1.4
*Adjusted EBITDA is net income /(loss) from operations plus equity expense and depreciation and amortization expense. Free cash flow is derived from net change in cash and cash equivalents plus cash flow from financing activities and other investment activity. Adjusted EBITDA and Free Cash Flow are non-GAAP financial measures. A reconciliation of these non-GAAP financial measures to their most comparable financial measure calculated and presented in accordance with GAAP is attached to this press release. The projections shown above do not give effect to adjustments that will occur in respect of the valuation of XM's assets and liabilities acquired in the merger.
Current economic conditions, particularly the dramatic and recent slowdown in auto sales, have negatively impacted subscriber growth for 2008 and 2009. The company expects to end 2008 with 19.1 million subscribers and end 2009 with 20.6 million subscribers. The company remains confident in its Revenue and Adjusted EBITDA guidance for 2008 and 2009, which remains unchanged.
RESULTS OF OPERATIONS
Pro forma results for the third quarter and first nine months exclude impairment charges, and stock-based compensation expense and assume a business combination as of January 1, 2007. Reconciliations of all non-GAAP measures to reported results have been included at the end of this press release.
Due principally to purchase accounting and the non-cash impairment charge related to the mark-to-market impairment test on our existing goodwill and intangible assets, reported GAAP results for the third quarter and nine months to date differ significantly from pro forma adjusted results.
The tables below represent the non-GAAP pro-forma results of operations for the three and nine months ended September 30, 2008 and 2007 and other related operating metrics as if the companies were consolidated as of January 1, 2007. A reconciliation of these amounts to their comparable GAAP amounts is included in the footnotes.
• Pro Forma Revenue of $613 Million, Up 16% Year Over Year
• Total Subscribers of More Than 18.9 Million, Up 17% Year Over Year
• Self-Pay Customer Churn Remains Unchanged at 1.7%
• Pro Forma Adjusted Loss from Operations of $37 Million, Before Restructuring Costs, Improves 64% Year Over Year
NEW YORK - November 10, 2008 - SIRIUS XM Radio (NASDAQ: SIRI) today announced third quarter 2008 results, including pro forma revenue of $613 million (up 16% over the year ago quarter), total subscribers of more than 18.9 million (up 17% from last year) and a 64% improvement in the pro forma adjusted loss from operations of $37 million before purchase accounting and restructuring costs.
"SIRIUS XM third quarter results demonstrate strong revenue growth, solid cost control and most importantly a clear path to positive cash flow," said Mel Karmazin, CEO of SIRIUS. "Despite a continued tough economy and further weakening in auto sales, pro forma revenue grew 16% and ending subscribers grew 17% as compared with last year. In addition, self-pay monthly customer churn remained flat from last year at an impressive 1.7%."
"In the third quarter, total operating costs, less merger related expenses, decreased as compared with last year, leading to a 64% improvement in the pro forma adjusted loss from operations of $37 million before restructuring costs. In the first 60 days following the merger, SIRIUS XM is operationally very close to breakeven. As we realize the substantial synergies associated with the merger, we expect to quickly bring the company to positive EBITDA and free cash flow. We have provided new long term financial and operating projections based upon slower auto production and greater cost savings and we now anticipate positive free cash flow of $1 billion in 2012."
SIRIUS XM ended the third quarter 2008 with 18,920,911 subscribers up 17% from 16,234,070 subscribers at the end of the third quarter 2007. During the third quarter 2008, SIRIUS XM added 344,100 net subscribers.
Total pro forma revenue for the third quarter 2008 increased to $612.8 million, up 16% from third quarter 2007 pro forma total revenue of $529.3 million. Third quarter 2008 pro forma average monthly revenue per subscriber (ARPU) was $10.47. Third quarter 2008 average monthly self-pay customer churn was 1.7%. SAC per gross subscriber addition was $74 in the third quarter 2008, an improvement of 15% over third quarter 2007 SAC per gross subscriber addition of $87.
SIRIUS XM's pro forma net loss was ($217.0) million, or ($0.09) per share, for the third quarter of 2008, compared to a pro forma net loss of ($265.5 million), or ($0.18) per share, in the third quarter 2007.
The company's actual third quarter and nine-month results (attached hereto) include only two months of operations of XM from its July 28, 2008 acquisition. The company's actual results also include a $4.8 billion impairment charge to goodwill, principally related to the decline in the company's share price since the date of the Merger Agreement in February 2007. The company also said it will delay filing its Quarterly Reports on Form 10-Q for not more than five days in order to carefully review the required purchase accounting adjustments.
OPERATIONAL AND FINANCIAL PROJECTIONS
2009E 2010E 2011E 2012E 2013E
(Subscribers in millions; dollar amounts in billions)
Subscribers 20.6 22.1 24.0 26.2 28.4
Revenue $2.7 $3.0 $3.4 $3.8 $4.1
Adjusted
EBITDA* $0.3 $0.6 $0.9 $1.3 $1.5
Free Cash
Flow* $0.0 $0.4 $0.6 $1.0 $1.4
*Adjusted EBITDA is net income /(loss) from operations plus equity expense and depreciation and amortization expense. Free cash flow is derived from net change in cash and cash equivalents plus cash flow from financing activities and other investment activity. Adjusted EBITDA and Free Cash Flow are non-GAAP financial measures. A reconciliation of these non-GAAP financial measures to their most comparable financial measure calculated and presented in accordance with GAAP is attached to this press release. The projections shown above do not give effect to adjustments that will occur in respect of the valuation of XM's assets and liabilities acquired in the merger.
Current economic conditions, particularly the dramatic and recent slowdown in auto sales, have negatively impacted subscriber growth for 2008 and 2009. The company expects to end 2008 with 19.1 million subscribers and end 2009 with 20.6 million subscribers. The company remains confident in its Revenue and Adjusted EBITDA guidance for 2008 and 2009, which remains unchanged.
RESULTS OF OPERATIONS
Pro forma results for the third quarter and first nine months exclude impairment charges, and stock-based compensation expense and assume a business combination as of January 1, 2007. Reconciliations of all non-GAAP measures to reported results have been included at the end of this press release.
Due principally to purchase accounting and the non-cash impairment charge related to the mark-to-market impairment test on our existing goodwill and intangible assets, reported GAAP results for the third quarter and nine months to date differ significantly from pro forma adjusted results.
The tables below represent the non-GAAP pro-forma results of operations for the three and nine months ended September 30, 2008 and 2007 and other related operating metrics as if the companies were consolidated as of January 1, 2007. A reconciliation of these amounts to their comparable GAAP amounts is included in the footnotes.
SIRIUS XM SATELLITE RADIO INC.
SUBSCRIBER DATA, METRICS
AND OTHER NON-GAAP FINANCIAL MEASURES
(Dollars in thousands, unless otherwise stated)
Pro Forma Pro Forma
Three months ended Nine months ended
September 30, September 30,
2008 2007 2008 2007
Beginning subscribers 18,576,830 15,394,319 17,348,622 13,653,107
Gross subscriber additions 1,846,996 1,950,842 5,999,714 5,751,123
Deactivated subscribers (1,502,915) (1,111,092) (4,427,425) (3,170,161)
Net additions 344,081 839,750 1,572,289 2,580,962
Ending subscribers 18,920,911 16,234,069 18,920,911 16,234,069
Retail 9,036,420 8,927,442 9,036,420 8,927,442
OEM 9,777,704 7,238,239 9,777,704 7,238,239
Rental 106,787 68,388 106,787 68,388
Ending subscribers 18,920,911 16,234,069 18,920,911 16,234,069
Retail (149,416) 46,730 (202,291) 472,996
OEM 492,215 783,400 1,744,432 2,068,732
Rental 1,282 9,620 30,148 39,234
Net additions 344,081 839,750 1,572,289 2,580,962
Pro Forma Pro Forma
Three months ended Nine months ended
September 30, September 30,
2008 2007 2008 2007
Average self-pay monthly
churn (1)(8) 1.7% 1.6% 1.7% 1.7%
Conversion rate (2) 47.0% 50.7% 49.2% 50.6%
ARPU (3)(8) $10.47 $10.75 $10.48 $10.69
SAC, as adjusted, per gross
subscriber addition (4) $74 $86 $76 $87
Customer service and billing
expenses, as adjusted,
per average subscriber(5)(8) $1.05 $1.09 $1.18 $1.14
Total revenue $612,776 $529,242 $1,792,632 $1,501,093
Free cash flow (8)(6) $(97,590) $(102,852) $(577,673) $(510,274)
Adjusted loss from
operations (6)(8) $(36,851) $(103,572) $(168,096) $(341,309)
Net loss $(217,010) $(265,515) $(653,867) $(842,592)
SIRIUS XM RADIO INC. AND SUBSIDIARIES
PRO FORMA CONSOLIDATED RESULTS OF OPERATIONS
(Unaudited)
Pro Forma Pro Forma
Three months ended Nine months ended
(in thousands, except per September 30, September 30,
share data) 2008 2007 2008 2007
Total revenue $612,776 $529,242 $1,792,632 $1,501,093
Operating expenses:
Satellite and transmission 25,136 25,409 76,336 78,024
Programming and content 131,630 100,675 341,422 292,385
Revenue share and royalties 120,800 85,394 355,251 239,518
Customer service and billing 58,857 51,562 177,159 152,396
Cost of equipment 16,179 15,671 48,020 60,485
Sales and marketing 78,178 96,490 260,583 289,374
Subscriber acquisition costs 132,477 162,656 444,396 474,008
General and administrative 75,981 80,051 215,440 207,608
Engineering, design and
development 10,389 14,906 42,121 48,604
Impairment of goodwill - - - -
Depreciation and
amortization 64,111 72,474 196,051 218,931
Share-based payment expense 29,809 42,714 99,673 112,202
Restructuring and related
costs 7,430 - 7,457 -
Total operating expenses 750,977 748,002 2,263,909 2,173,535
Loss from operations (138,201) (218,760) (471,277) (672,442)
Other expense (77,086) (46,095) (178,777) (169,555)
Loss before income taxes (215,287) (264,855) (650,054) (841,997)
Income tax expense (1,723) (660) (3,813) (595)
Net loss $(217,010) $(265,515) $(653,867) $(842,592)
SIRIUS XM RADIO INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Actual Actual
Three months ended Nine months ended
(in thousands, except per September 30, September 30,
share data) 2008 2007 2008 2007
Revenue:
Subscriber revenue,
including effects of
rebates $456,357 $226,844 $978,516 $627,275
Advertising revenue, net
of agency fees 14,674 8,524 31,413 24,422
Equipment revenue 11,271 6,290 25,290 17,216
Other revenue 6,141 128 6,590 3,337
Total revenue 488,443 241,786 1,041,809 672,250
Operating expenses
(depreciation and
amortization shown
separately below)(1)
Cost of services:
Satellite and transmission 19,526 7,409 34,800 22,732
Programming and content 106,037 59,015 222,975 173,324
Revenue share and
royalties 85,592 32,978 177,635 89,953
Customer service and
billing 47,432 21,058 97,218 64,529
Cost of equipment 13,773 6,086 28,007 19,930
Sales and marketing 63,637 38,488 151,237 126,348
Subscriber acquisition
costs 86,616 101,798 257,832 307,580
General and administrative 57,310 44,837 148,555 118,651
Engineering, design and
development 10,434 9,736 28,091 33,397
Impairment of goodwill 4,750,859 - 4,750,859 -
Depreciation and
amortization 66,774 26,072 120,793 79,142
Restructuring and related
costs 7,430 - 7,457 -
Total operating expenses 5,315,420 347,477 6,025,459 1,035,586
Loss from operations (4,826,977) (105,691) (4,983,650) (363,336)
Other income (expense)
Interest and investment
income 4,940 5,604 9,167 16,399
Interest expense, net of
amounts capitalized (49,216) (19,499) (83,636) (50,441)
Equity in net loss of
equity method investment (3,089) - (3,089) -
Other (expense) income (3,870) 4 (3,935) 14
Total other expense (51,235) (13,891) (81,493) (34,028)
Loss before income taxes (4,878,212) (119,582) (5,065,143) (397,364)
Income tax expense (1,215) (555) (2,301) (1,665)
Net loss $(4,879,427) $(120,137) $(5,067,444) $(399,029)
Net loss per common share
(basic and diluted) $(1.93) $(0.08) $(2.76) $(0.27)
Weighted average common
shares outstanding
(basic and diluted) 2,527,692 1,464,147 1,836,834 1,461,200
(1) Amounts related to share-based payment expense included in operating
expenses were as follows:
Satellite and transmission $1,331 $557 $2,887 $1,834
Programming and content 3,529 2,707 7,477 6,857
Customer service and
billing 596 166 1,137 543
Sales and marketing 3,672 6,575 11,376 15,068
Subscriber acquisition
costs - 800 14 2,687
General and administrative 12,904 10,953 36,359 34,056
Engineering, design and
development 1,973 969 4,167 2,959
Total share-based payment
expense $24,005 $22,727 $63,417 $64,004
SIRIUS XM RADIO INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
Actual
September 30, December 31,
(in thousands, except share and 2008 2007
per share data) (Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $359,657 $438,820
Accounts receivable, net of allowance
for doubtful accounts of $10,431 and
$4,608, respectively 76,284 44,068
Receivables from distributors 51,610 60,004
Inventory, net 31,935 29,537
Prepaid expenses 84,448 31,392
Related party current assets 109,734 -
Restricted investments - 35,000
Other current assets 25,096 40,036
Total current assets 738,764 678,857
Property and equipment, net 1,700,279 806,263
FCC licenses 2,083,654 83,654
Restricted investments, net of
current portion 141,250 18,000
Deferred financing fees, net 45,969 13,864
Intangible assets, net 694,212 -
Goodwill 1,875,645 -
Related party long-term assets, net
of current portion 129,351 -
Other long-term assets 93,950 93,511
Total assets $7,503,074 $1,694,149
LIABILITIES AND STOCKHOLDERS' EQUITY
(DEFICIT)
Current liabilities:
Accounts payable and accrued expenses $823,022 $464,943
Accrued interest 51,084 24,772
Deferred revenue 881,710 548,330
Current maturities of long-term debt 572,646 35,801
Related party current liabilities 75,618 -
Total current liabilities 2,404,080 1,073,846
Long-term debt, net of current
portion 2,800,107 1,278,617
Deferred revenue, net of current
portion 287,067 110,525
Deferred credit on executory
contracts 1,091,599 -
Other long-term liabilities 904,472 23,898
Total liabilities 7,487,325 2,486,886
Commitments and contingencies - -
Stockholders' equity (deficit):
Series A convertible preferred stock,
par value $0.001 (liquidation
preference of $51,370 and $0 at
September 30, 2008 and December
31, 2007, respectively);
50,000,000 authorized at September
30, 2008 and December 31, 2007,
24,808,959 and zero shares issued and
outstanding at September 30, 2008
and December 31, 2007, respectively 25 -
Common stock, par value $0.001;
4,500,000,000 and 2,500,000,000
shares authorized at September 30,
2008 and December 31, 2007,
respectively;
3,250,404,357 and 1,471,143,570
shares issued and outstanding at
September 30, 2008 and December
31, 2007, respectively 3,250 1,471
Accumulated other comprehensive loss,
net of tax (764) -
Additional paid-in capital 9,479,654 3,604,764
Accumulated deficit (9,466,416) (4,398,972)
Total stockholders' equity
(deficit) 15,749 (792,737)
Total liabilities and
stockholders' equity $7,503,074 $1,694,149
SIRIUS XM RADIO INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Actual
Nine months ended
September 30,
2008 2007
(in thousands)
Cash flows from operating activities:
Net loss $(5,067,444) $(399,029)
Adjustments to reconcile net loss to
net cash used in operating
activities:
Depreciation and amortization 114,923 79,142
Goodwill Impairment 4,750,859 -
Non-cash interest expense, net of
amortization of premium (1,933) 2,452
Provision for doubtful accounts 11,125 6,663
Amortization of deferred income
related to equity method investment (471) -
Loss on disposal of assets 4,879 92
Equity in net loss of equity method
investment 3,089 -
Share-based payment expense 63,417 64,004
Deferred income taxes 2,301 1,665
Other 1,643 -
Changes in operating assets and
liabilities:
Accounts receivable 1,575 (6,627)
Inventory 2,952 (2,533)
Receivables from distributors 9,595 (9,032)
Related party assets (1,357) -
Prepaid expenses and other current
assets 3,528 14,571
Other long-term assets 37,110 (14,825)
Accounts payable and accrued expenses (137,442) (58,713)
Accrued interest (2,810) (7,826)
Deferred revenue 10,590 76,803
Related party liabilities 3,315 -
Other long-term liabilities and
deferred credits on executory
contracts (26,436) 759
Net cash used in operating
activities (216,992) (252,434)
Cash flows from investing activities:
Additions to property and equipment (102,705) (66,801)
Sales of property and equipment 105 116
Purchases of restricted and other
investments (3,000) (310)
Acquisition of acquired entity cash 819,521 -
Merger related costs (13,047) -
Sale of restricted and other
investments 65,642 35,842
Net cash used in investing
activities 766,516 (31,153)
Cash flows from financing activities:
Proceeds from exercise of warrants
and stock options 471 2,677
Long term borrowings, net of related
costs 533,941 245,199
Payment of premiums on redemption of
debt (18,693) -
Payments to minority interest holder (1,479) -
Repayment of long term borrowings (1,142,829) -
Other (98) -
Net cash (used in) provided by
financing activities (628,687) 247,876
Net decrease in cash and cash
equivalents (79,163) (35,711)
Cash and cash equivalents at
beginning of period 438,820 393,421
Cash and cash equivalents at end of
period $359,657 $357,710
A reconciliation of Adjusted EBITDA and Free Cash Flow contained in the company's projections to their most comparable financial measure calculated and presented in accordance with GAAP is set forth below:
Adjusted EBITDA
Reconciliation 2009E 2010E 2011E 2012E 2013E
Income / (Loss)
From
Operations ($0.1) $0.3 $0.5 $0.9 $1.1
Add: Equity
Expense $0.1 $0.1 $0.1 $0.1 $0.1
Add: Depreciation
& Amortization $0.2 $0.2 $0.3 $0.3 $0.3
Adjusted EBITDA $0.3 $0.6 $0.9 $1.3 $1.5
Free Cash Flow
Reconciliation
Net Change in
Cash & Cash
Equivalents $0.0 $0.3 $0.4 $0.8 $0.9
Add: Cash Flow
from Financing ($0.0) $0.0 $0.2 $0.2 $0.5
Add: Other
Investing ($0.0) $0.0 ($0.0) $0.0 $0.0
Free Cash Flow $0.0 $0.4 $0.6 $1.0 $1.4
So, any predictions of the ratio of new subs vs cancellations for Q4?
I would predict that new subs will outweigh cancellations in Q4 because of holiday sales. Possibly Q1 as well because of late activations from Christmas. If they are still around by Q2 next year they very well may have a negative net increase in subscribers. It can't be a good pattern to have fewer gross adds and more deactivations than the same quarter 1 year ago.
Beats a poke in the eye with a stick- frankly, I expected disaster.
Holiday sales? Satrad is about as hip as an Edsel these days. Just wait for the channel changes! Yikes.
But they grew. Even in this horrible car selling environment, they still grew.
Grew under Sirius growth or XM growth? Sirius always fudged the numbers with cars sitting on lots, versus cars on the road.
Q4 will really tell a lot more about the company, but I'm shocked at this report.
Question: When will the new "Sirius XM" combined logo be coming out? Are they still negotiating with Ryan for copyrights?
Probably won't see much dfference. You know, the 'Best of Sirius' package isn't likely to get any traction - NASCAR has one race to go and the NFL is half finished.
I just hope the debt gets refinanced so I get all of my severance!
Just wait until this week's surprise channel changes... Churn baby, churn!
As a fromer XM employee, I have serious doubt about the reported subscriber numbers. I know that deacts were delayed until a sufficient number of new subscribers were signed up to replace them. As you can see from the reported numbers the net new gains was in neighborhood of 300,000 subs. It is still unclear to me how the new company is counting its base because SIRI and XM had a different definition of a sub.
I left well before the merger beccause the energy of the place was gone - I wasn't forced out or anything like that. I do believe that at some point, someone is going to demand accurate number reporting which has not happened in a very long time. I know that when that happens, people will see how truly a poor business this is to be in.
I hope that all the severance packages get paid out, but, again, I have my doubts that this company can avoid bankruptcy.
Artist: Thompson Twin
Album: Quick Step & Side Kick
Melvin Alan "Mel" Karmazin
you told me you loved me
so i don't understand
why promises are snapped in two
and words are made to bend
(the bigger, the better)
some stolen from japan
collected from around the world,
they'll catch you if they can
(chorus)
lies lies lies yeah
lies lies lies yeah
lies lies lies yeah
do i have to catch you out
to know what's on your mind
well, cleopatra died for egypt,
what a waste of time
white ones and red ones
and some you can't disguise
twisted truth and half the news
can't hide it in your eyes
(REPEAT CHORUS)
you say you'll try harder
but i think it's just too late
well, the car is revving in the drive,
and i'm not the sort to wait
the bigger, the better
some nicked from old saigon
collected from around the world
love lies on and an and on and on and on and
lies lies lies yeah (they're gonna get you)
lies lies lies yeah (they won't forget you)
lies lies lies yeah (they're gonna get you)
lies lies lies yeah
oh you know i know
(REPEAT CHORUS)
oh you know i know
(REPEAT CHORUS)
I have to agree. I used to be a huge fan of sat rad, had hoped it would be the standard. But mismanagement can kill anything, and its no different.
I am really looking forward to the reverse split, because its a perfect short. Mel will reverse split the stock, then issue more shares because he needs cash. Almost a guranteed stock decline, probably to 0.
But it wont go away, someone will come in, buy the pieces, and come back with a stronger company, hopefully sans Mel and his gang.
A
People are always going to "de-activate their subscription", soon! They've been saying this since pre-merger; Now they are going to de-activate once the new channel line-up come-into-play!
Ok, I'm waiting already for all these "de-activations"! Go ahead, and run to Clear-Channel and CBS ad-laden radio! Or still, get your Wi-Fi beaming in your Malibu! Or start to ripping your favorite Grateful-Dead shows and tunes...
Yeah, I was pissed when I lost my "C-Span on Sirius"...still am infact...but I probably need to go and get an XM-subscription! So, we get a merger, and people are crying foul b/c we need to truly merge the over-lap channels ASAP, to realize some cost-savings? Did people think the merger was all about nothing? It means, realize synergies, cut-cost, renegotiate contracts!
So, what other radio business is growing in this market? That's right, none, not one, zippo, EXCEPT Sirius-XM Radio! Wow, so horrible is that!
All these words don't get management "off-the-hook" for very poor decisions, and personally, I'd rather see a more robust, capable management team in place...but I'm not about to say that Sat-Rad is dead! I'm sure not giving-up my sub, even with a b/k...at least not until I can get a real replacement for cheaper or free! Right now, there is no substitute!
I contend that at $.25-cents, Sirius-XM Radio is MASSIVELY UNDERVALUED! This current PPS is a product of a toxic share-structure and financing (bond-converts) arrangement...NOT indicative of the "growth or soundness of the business itself, especially this early into the merger"!
Not to say I would "load-up here"...b/c the PPS is being manipulated into a b/k scenario! "Commercial-laden radio hates satellite-radio"...and they will stop at nothing to absolutely detroy it----a la Clear-Channel, Goldman-Sachs and Mark Wienkes...BUT if they don't absolutey destroy Sat-Rad soon, they'd better gather for a tender offer, or they will be in such a disadvantageous position that they now are! If it wasn't for Clear-Channel out-door advertising division, they'd be seeking protection via the bankruptcy courts!
Wow talk about a newb professing how out of touch, a blind, ignorant, fanboy can be.
What is the business model for after Howard Stern leaves?
My heart is broken. First XM took away the Neo-Soul station, The Flow 61 which highlighted a genre of NeoSoul Artists like Jill Scott, Eryka Badu, Raheim Devaugn, Rafeal Sadiq and even Ross Stone. To name a very few. Very clean and conscious artist who emphasized love of self, others and planet.
Then xm radio took away "The Rhyme Ch. 65 Old School Hip-Hop" the pulse of the existance of Hip Hop, all together!
I wonder if the exects at XM/Sirius really understand how important music is to us in order for us to have to pay for the service on a monthly basis.
So they combined the Ol school with the new school. I enjoyed the flexibility to being able to switch to New School Hip Hop if that's what I wanted to listen to(for which I never did). Isn't that what we pay for?
Please bring the stations back. I love(ed) XM. But now I'm feeling that XM's concerne about Urban music is muted.
What's going on?
I understand that it's all about the dollars and profits. what about the listening audience who value good music?
The bottom line is your product has gone from bad to worse and slowly declining.
I wrote a letter to the exectives when The Flow 61 was taken off air. The only reply I recieved was dead air.
As soon as there is another satelite to sign on to the scene, to break this monopoly I'm gone. And I can honestly scense that a few will be following suit.
I may be a white male but I'm thinking that these stations were pulled for racial reasons and I'm taking it personal. Now I know what it's like to be discriminated against. I'm still so sorry.
Does anyone known how many of the 18 million reported subscribers were XM subscribers, (not including Sirius) in New York State at the end of 2007 or Jan/February 2008?