XM announces first quarter 2008 results; SAC increases as subs grow
Monday, May 12, 2008 at 8:49 AM
Tags: 3, XM
XM Satellite Radio Holdings Inc. today announced its earnings and financial results for the first-quarter of 2008.
XM ended the quarter with 9.33 million subscribers, an 18 percent increase, from the first quarter of last year. This growth was driven by a 49 percent year-over-year increase in OEM gross additions which totaled 802,000 - that's compared to 537,000 in first quarter of 2007.
XM added 1.034 million gross subscribers for the period (compared to 868,000 last year), and 303,000 net subscriber additions (compared to 285,000 last year).
Revenue for 1Q08 rose to $308 million, a nearly 17% increase over 1Q07 revenue of $264 million.
Adjusted operating loss was $30.7 million, compared to a loss of $27 million in first quarter 2007. The first quarter 2008 adjusted operating loss includes $3.5 million of merger related expenses, compared to $9.2 million in first quarter 2007.
XM's net loss for 1Q08 was $129 million, or 42 cents a share, compared to a year-ago net loss of $122 million, or 40 cents a share. Analysts were expecting a loss of 39 cents a share on revenue of $313 million, according to Thomson Reuters.
In first quarter 2008, XM's subscriber acquisition costs (SAC) increased to $73, compared to $65 in the same period last year. Cost per gross addition (CPGA) fell below $100 to $99 for the first time since 3Q06 and compares to $103 in first quarter 2007. Average revenue per subscriber (ARPU) fell to $10.04 from $10.15 in the year-ago quarter.
View full financials after the jump...
XM SATELLITE RADIO HOLDINGS INC.
UNAUDITED CONSOLIDATED STATEMENT OF OPERATIONS
(in thousands, except share and per Three months ended March 31,
share data) 2008 2007
Revenue:
Subscription $275,725 $236,486
Activation 5,144 4,654
Merchandise 4,321 5,297
Net ad sales 9,118 7,478
Other 14,146 10,197
Total revenue 308,454 264,112
Operating expenses:
Cost of revenue (excludes depreciation
& amortization, shown below):
Revenue share & royalties 68,822 47,426
Customer care & billing operations (1) 34,310 27,928
Cost of merchandise 8,551 18,277
Ad sales (1) 4,703 3,385
Satellite & terrestrial (1) 13,181 13,882
Broadcast & operations:
Broadcast (1) 6,960 6,544
Operations (1) 10,491 9,716
Total broadcast & operations 17,451 16,260
Programming & content (1) 51,562 43,952
Total cost of revenue 198,580 171,110
Research & development (excludes
depreciation & amortization, shown
below) (1) 11,020 7,310
General & administrative (excludes
depreciation & amortization, shown
below) (1) 30,729 34,185
Marketing (excludes depreciation &
amortization, shown below):
Retention & support (1) 11,797 9,756
Subsidies & distribution 71,524 43,602
Advertising & marketing 26,501 32,809
Marketing 109,822 86,167
Amortization of GM liability 6,504 6,504
Total marketing 116,326 92,671
Depreciation & amortization 45,483 46,882
Total operating expenses (1) 402,138 352,158
Operating loss (93,684) (88,046)
Other income (expense):
Interest income 1,675 3,544
Interest expense (29,327) (27,609)
Loss from de-leveraging transactions - (2,965)
Equity in net loss of affiliate (4,177) (5,425)
Minority interest (3,238) (1,697)
Other income (expense) (187) 444
Net loss before income taxes (128,938) (121,754)
Provision for deferred income taxes (331) (684)
Net loss $(129,269) $(122,438)
Net loss per common share - basic and
diluted $(0.42) $(0.40)
Weighted average shares used in
computing net loss per common share
- basic and diluted 309,674,526 305,877,670
Reconciliation of Net loss to Adjusted
operating loss:
Net loss as reported $(129,269) $(122,438)
Add back Net loss items excluded from
Adjusted operating loss:
Interest income (1,675) (3,544)
Interest expense 29,327 27,609
Provision for deferred income taxes 331 684
Loss from de-leveraging transactions - 2,965
Equity in net loss of affiliate 4,177 5,425
Minority interest 3,238 1,697
Other (income) expense 187 (444)
Operating loss (93,684) (88,046)
Depreciation & amortization 45,483 46,882
Total share-based payment expense 17,504 14,131
Adjusted operating loss (2) $(30,697) $(27,033)
Footnotes:
(1) These captions include non-cash Three months ended March 31,
share-based payment expense as follows: 2008 2007
(in thousands)
Customer care & billing operations $889 $440
Ad sales 607 356
Satellite & terrestrial 642 520
Broadcast 793 600
Operations 470 378
Programming & content 2,543 2,166
Research & development 2,463 1,726
General & administrative 6,052 6,048
Retention & support 3,045 1,897
Total share-based payment expense $17,504 $14,131
(2) Adjusted operating loss is net loss before interest income, interest
expense, income taxes, depreciation and amortization, loss from
de-leveraging transactions, loss from impairment of investments,
equity in net loss of affiliate, minority interest, other income
(expense) and share-based payment expense. This non-GAAP measure
should be used in addition to, but not as a substitute for, the
analysis provided in the statement of operations. We believe Adjusted
operating loss is a useful measure of our operating performance and
improves comparability between periods. Adjusted operating loss is a
significant basis used by management to measure our success in
acquiring, retaining and servicing subscribers because we believe this
measure provides insight into our ability to grow revenues in a cost-
effective manner. We believe Adjusted operating loss is a calculation
used as a basis for investors, analysts and credit rating agencies to
evaluate and compare the periodic and future operating performances
and value of our company and similar companies in our industry.
Because we have funded the build-out of our system through the raising
and expenditure of large amounts of capital, our results of operations
reflect significant charges for depreciation, amortization and
interest expense. We believe Adjusted operating loss provides helpful
information about the operating performance of our business apart from
the expenses associated with our physical plant or capital structure.
We believe it is appropriate to exclude depreciation, amortization and
interest expense due to the variability of the timing of capital
expenditures, estimated useful lives and fluctuation in interest
rates. We exclude income taxes due to our tax losses and timing
differences, so that certain periods will reflect a tax benefit, while
others an expense, neither of which is reflective of our operating
results. Because of the variety of equity awards used by companies,
the varying methodologies for determining share-based payment expense
and the subjective assumptions involved in those determinations, we
believe excluding share-based payment expense enhances the ability of
management and investors to compare our core operating results with
those of similar companies in our industry.
Equity in net loss of affiliate represents our share of losses in a
non-US affiliate in a similar business and over which we exercise
significant influence, but do not control. Management believes it is
appropriate to exclude this loss when evaluating the performance of
our own operations. Additionally, we exclude loss from de-leveraging
transactions, loss from impairment of investments, minority interest
and other income (expense) because these items represent activity
outside of our core business operations and can distort period to
period comparisons of operating performance.
There are limitations associated with the use of Adjusted operating
loss in evaluating our company compared with net loss, which reflects
overall financial performance. Adjusted operating loss does not
reflect the impact on our financial results of (i) interest income,
(ii) interest expense, (iii) income taxes, (iv) depreciation and
amortization, (v) loss from de-leveraging transactions, (vi) loss from
impairment of investments, (vii) equity in net loss of affiliate,
(viii) minority interest, (ix) other income (expense) and (x) share-
based payment expense, which are included in the computation of net
loss. Users that wish to compare and evaluate our company based on our
net loss should refer to our Unaudited Consolidated Statements of
Operations. Adjusted operating loss does not purport to represent
operating loss or cash flow from operating activities, as those terms
are defined under United States generally accepted accounting
principles, and should not be considered as an alternative to those
measurements as an indicator of our performance. In addition, our
measure of Adjusted operating loss may not be comparable to similarly
titled measures of other companies.
XM SATELLITE RADIO HOLDINGS INC.
SELECTED FINANCIAL AND OPERATING METRICS
As of
(in thousands) March 31, 2008 December 31, 2007
SELECTED BALANCE SHEET DATA
Cash and cash equivalents $211,542 $156,686
System under construction 161,772 151,142
Property and equipment, net 677,509 710,370
DARS license 141,412 141,412
Investments 33,259 36,981
Total assets 1,662,174 1,609,230
Total subscriber deferred revenue 526,239 514,926
Total deferred income 133,802 134,803
Long-term debt, net of current portion 1,666,819 1,480,639
Total liabilities 2,699,944 2,533,787
Stockholders' deficit (1,097,978) (984,303)
Three months ended March 31,
SELECTED OPERATING METRICS 2008 2007 (15)
Subscriber Data (in thousands,
except percentages):
OEM Gross Subscriber Additions (1) 802 537
Retail Gross Subscriber Additions (2) (12) 233 331
Total Gross Subscriber Additions (12) 1,034 868
OEM Net Subscriber Additions (3) 355 225
Retail Net Subscriber Additions (4) (51) 60
Total Net Subscriber Additions 303 285
Conversion Rate (5) 53.3% 51.5%
Monthly Churn Rate (6) (12) 1.77% 1.78%
OEM Subscribers 3,869 2,853
Retail Subscribers (13) 4,480 4,422
Subscribers in OEM Promotional Periods 836 565
XM Activated Vehicles with Rental
Car Companies 78 23
Data Services Subscribers 49 35
Outsourced Commercial Subscribers (13) 18 16
Total Ending Subscribers (7) 9,330 7,914
Percentage of Ending Subscribers
on Annual and Multi-Year Plans (12) 45.1% 44.0%
Percentage of Ending Subscribers
on Family Plans (12) 23.5% 23.2%
Revenue Data (monthly average):
Subscription Revenue per Retail,
OEM & Other Subscriber (8) (14) $10.36 $10.34
Subscription Revenue per Subscriber
in OEM Promotional Periods $5.60 $6.39
Subscription Revenue per XM Activated
Vehicle with Rental Car Companies $6.27 $7.51
Subscription Revenue per
Subscriber of Data Services $35.34 $33.72
Average Monthly Subscription Revenue
per Subscriber ("ARPU") (9) (14) $10.04 $10.15
Net Ad Sales Revenue per Subscriber $0.33 $0.32
Activation, Merchandise and Other
Revenue per Subscriber (14) $0.86 $0.87
Total Revenue per Subscriber $11.23 $11.34
Expense Data:
Subscriber Acquisition Costs
("SAC") (10) (12) $73 $65
Cost Per Gross Addition ("CPGA") (11) (12) $99 $103
(Certain totals may not add due to the effects of rounding)
Footnotes:
(1) OEM gross subscriber additions are paying subscribers newly activated
in the reporting period and include Subscribers in OEM promotional
periods as well as XM activated vehicles with rental car companies.
(2) Retail gross subscriber additions are paying subscribers newly
activated in the reporting period and include Data services
subscribers and commercial subscribers for 2007 only.
(3) OEM net subscriber additions (OEM gross subscriber additions less
disconnects) represent the total net incremental paying subscribers
added during the period.
(4) Retail net subscriber additions (Retail gross subscriber additions
less disconnects) represent the total net incremental paying
subscribers added during the period, including net Outsourced
commercial subscribers for 2008.
(5) We measure the success of these promotional programs included in our
OEM promotional subscriber count based on the percentage of new
promotional subscribers that elect to receive the XM service and
convert to self-paying subscribers after the initial promotion
period. We refer to this as the "conversion rate."
(6) Monthly churn rate for the quarter represents the weighted average
Churn rate for each month in the quarter. Churn rate represents the
average percentage of self-paying Retail, OEM & other subscribers
that discontinued service during the month divided by the average of
these beginning and ending subscribers for the month. Churn rate does
not include OEM promotional period deactivations and deactivations
resulting from the change-out of XM activated vehicles with rental
car companies.
(7) Subscribers -- Subscribers are those who are receiving and have
agreed to pay for our service, including those who are currently in
promotional periods paid in part by vehicle manufacturers, XM
activated radios in vehicles for which we have a contractual right to
receive payment for the use of our service and commercial
establishments that receive our service through our relationship with
a third party vendor. We count radios individually as subscribers.
Retail subscribers consist primarily of subscribers who purchased
their radio at retail outlets, distributors, or through XM's direct
sales efforts. OEM subscribers are self-paying subscribers whose XM
radio was installed by an OEM and are not currently in OEM
promotional programs. OEM promotional subscribers are subscribers who
receive a fixed period of XM service where XM receives revenue from
the OEM for the trial period following the initial purchase or lease
of the vehicle. In situations where XM receives no revenue from the
OEM during the trial period, the subscriber is not included in XM's
subscriber count. At the time of sale, some vehicle owners receive a
three month prepaid trial subscription. Promotional periods generally
include the period of trial service plus 30 days to handle the
receipt and processing of payments. The automated activation program
provides activated XM radios on dealer lots for test drives but XM
does not include these vehicles in its subscriber count. XM's OEM
partners generally indicate the inclusion of three months of XM
service on the window sticker of XM-enabled vehicles. XM,
historically and including the 2006 model year, receives a negotiated
rate for providing audio service to rental car companies. Beginning
with the 2007 model year, XM entered into marketing arrangements
which govern the rate which XM receives for providing audio service
on certain rental fleet vehicles. Data services subscribers are those
subscribers that are receiving services that include stand-alone XM
WX Satellite Weather service, stand-alone XM Radio Online service and
stand-alone NavTraffic service. Stand-alone XM WX Satellite Weather
service packages range in price from $29.99 to $99.99 per month.
Stand-alone XM Radio Online service is $7.99 per month. Stand-alone
NavTraffic service is $9.95 per month. XM generally charges a range
of $9.99 - $11.87 per month for its audio service for annual and
multi-year plans and $6.99 per month for a family plan.
(8) Other subscribers include weather and other stand-alone service
subscribers.
(9) Subscription revenue includes monthly subscription revenues for our
satellite audio service and data services, net of any promotions or
discounts.
(10) SAC - Subscriber acquisition costs include Subsidies & distribution
and the negative gross profit on merchandise revenue. Subscriber
acquisition costs are divided by gross additions to calculate what we
refer to as "SAC."
(11) CPGA - CPGA costs include the amounts in SAC, as well as Advertising
& marketing. These costs are divided by the gross additions for the
period to calculate CPGA. CPGA costs do not include marketing staff
(included in Retention & support) or the amortization of the GM
guaranteed payments (included in Amortization of GM liability).
(12) Outsourced commercial subscribers are excluded for 2008.
(13) Approximately 16 thousand subscribers, previously reported as Retail
subscribers, are presented as Outsourced commercial subscribers for
2007 for comparability.
(14) Beginning in 2008, revenue from Outsourced commercial subscribers,
previously reported as Subscription revenue, is reported as Other
revenue.
(15) Except for as stated in footnote 13, no previously reported metrics
have been adjusted to reflect the exclusion of Outsourced commercial
subscribers.
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Comments
This just proves how bad Xm needs this merger. Sirius is positive cashflow, growing exponentially and all because of Howard coming aboard. CONTENT IS KING AND SIRIUS HAS IT. Xm is losing so much money they need Sirius to bail them out something fierce. Further proof that nobody is listening to 0.0 and the XM failboat is sinking fast.
Posted by: Anonymous Coward | May 12, 2008 9:18 AM
These are horrible numbers by any measure whatsoever. The increase in subsidies to acquire subs is appalling. Why is this company continuing to pay people to be its friend?
Many have posted about the asinine decisions made by management - this is a key one that cannot help but jump right out at the reader. There is no effective execution plan on the part of this company except to drive the cost of radios to consumers to $0 (in thousands) or less. In doing so management has cheapened the value of the serivce and for proof of what happens when a company does that, take a look at the auto industry that has never - and will never - be able to stop the riduculous rebate games.
XM management should be ashamed of themselves for giving away the company's money and still coming up with results this poor.
Posted by: Anonymous Coward | May 12, 2008 9:24 AM
Most metrics eroded. More subscribers but higher acquisition costs.
Posted by: Anonymous Coward | May 12, 2008 9:26 AM
This horse is dying...SHOOT IT!
Posted by: Anonymous Coward | May 12, 2008 9:28 AM
Why is the stock going up on these numbers.
Posted by: Jon | May 12, 2008 9:31 AM
If the FCC continues to dawdle, they will lose their opportunity to enact ala carte and price freezes. Keep it up Martin..... XMSR will be DOA pretty soon and you'll end up with a true monopoly.
FCC... trying to get everything may have you ending up with nothing. THEN see how much impact 11 AG's have.
Posted by: Plowboy | May 12, 2008 9:52 AM
Actually, the numbers aren't bad, and I suspect that is why the stock is holding steady.
The net loss increased by $7 Million over last year, yet that was in the face of a $20 Million increase in royalties. You would expect subsidies & distribution to increase because they are ramping substantially in the OEM space, and because XM (unlike SIRI) doesn't count these as subscribers until they actually BECOME subscribers (3 months later), they are effectively "prepaying" this expense. R&D is up 4M and there are merger-related costs of a few million.
That XM held its loss essentially stable while these other costs rose is a significant positive.
OTOH, both of these stocks are very sick and not the place one would want to have any money at this point.
Posted by: Stack Pointer | May 12, 2008 9:52 AM
god i love all these smart people, we really should just let them tell us how the merger is going to go, and how the stocks are going to change price. you guys rock!
ron and crazyfez noon to three xm 202
Posted by: dasplumen | May 12, 2008 9:54 AM
It's nice to see XMSR continuing in the Baby Huey Panero tradition.... as sign of his legacy.
Add subs, increase SAC and lose more money 12 months later.
A brilliant strategy to be taken over with.
Mel thanks you Hugh....you must be proud.
Posted by: Plowboy | May 12, 2008 9:56 AM
Yep Jon, that is a mystery. XM stock is 3-4 times higher than Sirius, which tells me Sirius has done some creative accounting on their P&L statements. Sirius is in debt far above and beyond XM. The whole merger ordeal has been a fiasco, negatively effecting both companies in subscriptions. If the merger decision had been made (either for or against) within a reasonable 90 day period, both companies would be in much better shape today!
Posted by: Anonymous Coward | May 12, 2008 10:01 AM
Yep Jon, that is a mystery. XM stock is 3-4 times higher than Sirius, which tells me Sirius has done some creative accounting on their P&L statements. Sirius is in debt far above and beyond XM. The whole merger ordeal has been a fiasco, negatively effecting both companies in subscriptions. If the merger decision had been made (either for or against) within a reasonable 90 day period, both companies would be in much better shape today!
-----
XM Stock is not 3-4x higher, they have less shares. XM Stock (3.7B market cap) is actually worth less than Sirius (4B market cap), its called reading the fundamentals. You dont need a Wharton MBA to figure that and the rest of the comments in your spiel are all wrong.
Christ, its obvious all the bashing on these boards is done by people with dick knowledge about finance. I will concede that SIRI and XM are both Speculative plays, and as such should not be the hinge of ANYONES portfolio, but they both are great spec plays as they have enormous growth potential, buyout potential, and news which could move the stock heavily.
Now for the Anonymous idiot stock analysts on this board who went to Suffolk Community College (like Sal), get a clue before you run your mouth like a 13 year old. And sorry for insulting the 13 yr olds, most of the bashers are probably that age.
Posted by: Pack Stointer | May 12, 2008 10:35 AM
//Sirius has done some creative accounting on their P&L statements.//
They have empty car inventory as subscribers what else do you need to know.
I was hoping that XM would go from hemmoarging money, to simply gushing blood, but no such luck
RFN23
Posted by: waitwhat | May 12, 2008 10:58 AM
//....Christ, its obvious all the bashing on these boards is done by people with dick knowledge about finance......//
Yeah. It's obvious.
Posted by: Sarah Jessica Horseface | May 12, 2008 11:14 AM
Well you know exactly how this thread was going to go -- based on the very first post in the comments... the anonymous coward who started things out by saying that Sirius has positive cashflow!?!? There are too many people who dont know how to read basic financials trying to give opinions on these boards... beware. Sirius has positive cashflow? Learn to read financials before making stupid statements like this. But that's what happens when you have Stern or O&A fans taking the opportunity to comment and bash the other company -- when they have no clue as to what they're talking about.
As for XM's numbers -- they were not as bad as I feared they could have been. The gains they are making by scaling back on retail marketing are being offset by the increase in SAC -- which is direct result of the more expensive OEM subscriber. The shift to concentrating on OEM subs is very expensive -- and that is where the increase in expenses are coming from.
The adjusted operating loss looks good to me, but there is still a lot of work to do. I do not expect Sirius' numbers to be much better, if at all.
Posted by: homer985 | May 12, 2008 11:15 AM
Sirius will obviously be better. They have had the explosive growth in the last two years since Howard announced his move, and they have the best content on radio. Howard, NFL, and NASCAR. What more could most people want?
Say what you want XM zealots and both pests, Sirius has been owning Xm for the last couple years due to two men (Howard and then Mel) and nothing will change this quarter.
Posted by: Anonymous Coward | May 12, 2008 11:53 AM
Well said Homer. It's amazing all these "anonymous cowards" come it and talk crap, but can't back any of it up. XM still has slightly better financials, even with the small rise in SAC. The revenue is higher and OEM's continue to roll.
SIRI shouldn't fare any better financially. So let's nip this XM vs SIRI crap in the bud. It's rather tiring.
....and we wonder why all the crap talkers are "anonymous". This goes for BOTH camps.
-----------------------------------------------------------------
signature: Zombies and Pests, give it a rest!
Posted by: SatelliteRadioFan | May 12, 2008 12:06 PM
I love how the stern trolls who keep throwing howards name around. if that is the only thing that sirius has to offer me and my xm programming changes because of this merger then i will no longer subscribe to satellite radio..
To the AC who says that sirius has the best content and lists howard, nfl, nascar as the shining examples of content, i will say this:
Howard---> see my comment above
NFL---> would rather watch football on tv, and not listen on the radio
NASCAR---> i would imagine that listening to a NASCAR race on the radio would be a lot more boring that watching a NASCAR race on TV.
once again, if this is the superior content i can look forward to with a merged sirius and xm, then the future will not
if those are your best examples of superior content, then, i am perfectly content with my xm as it is
Posted by: hoo hoo, i invented satellite radio robin | May 12, 2008 12:13 PM
Again, too many people who don't understand financials make unfortunate attempts to say that "Sirius is better", and make further assumptions based on that. Your opinion of content has zero bearing on the financials.
Both companies have massive losses -- and have for years. The best way to compare the two is to take a look at the Adjusted Operating Loss of the companies to get a better feel for how the two are performing. Both companies do various accounting of expenses differently and have other extenuating cirumstances -- thus the adjusted operating loss is the perfect barometer of the basic perfomance of the companies and how they did against each other.
In 2007, XM's Adj OpLoss was $238 million -- versus Sirius' Adj OpLoss which was $327 million.
In 2006, XM's Adj OpLoss was $166 million -- versus Sirius' Adj OpLoss which was $513 million.
---
Posted by: homer985 | May 12, 2008 12:16 PM
Homer,
I would be interested to know if the adjusted operating cost includeds the depreciation of equipment or not.. I think not but have not had the time to review XM's Filing yet.
Posted by: jeff | May 12, 2008 12:32 PM
All this really means is that XM can't manage worth a shit.. big surprise!! they know how to bleed out money and spend like a drunken sailor on leave, but make money??
Posted by: Anonymous Coward | May 12, 2008 12:40 PM
This is like arguing over who came in last and next-to-last in a 100-person race -
The problem with XM is that they're not showing any real signs of scaling - it seems like the OEM revenue share is blocking any path to profitability. You're just not getting any of the OEM revenue to trickle down to the bottom line.
Sirius is at least showing some signs of scaling, but they still need a lot more revenue to trickle down before they'll ever sniff a profit.
So what's my point? They both suck, and they'll continue to suck as separate companies. Not that a merger will magically bring them a profit out of thin air, but it'll at least give them a better chance to get there at some point.
Posted by: JB | May 12, 2008 1:34 PM
I know Sirius will have their CC after hours today, but does anyone have any idea what time they will release their financials?
Posted by: rjr | May 12, 2008 2:16 PM
What a laugh you clown bring me. Arguing whether Sirius is better then XM.. Geez time will tell. Hell technologically XM is so far advanced it isn't funny. BTW what happened to the last satellite launch Sirius fans... hmmm anyone care to comment on that disaster.
Posted by: Brian | May 12, 2008 3:17 PM
Congratulations Mr. Parsons, Mr. Davis, Mr. Irvin -
Your stellar management styles and efforts have led to the first quarter of negative growth in a category. Well done, well done. Will this achievement warrant a celebratory dinner at one of DC's finest eating establishments or will you decide to go to the Indy 500, rent some suites at the best hotel in the city and get a box at the race to which you'll invite the heads of Circuit and Best Buy and other retailers. Perhaps at that meeting you can strategize with them on how best to shower them with more money and other goodies to lose, let's say 100,000 more after-market subs.
Maybe you can talk about the excellent execution at the next conference call.
How after this many years in business, and after "investing" so much into technology and infrastucture, you haven't been able to turn a profit of one lousy penny. That's ok. There's always next quarter.
If you were generals leading a war effort, you would all have been relieved of your respective commands. Too bad you have neither the decency nor the honor to do the right thing and resign - as failures.
Posted by: Anonymous Coward | May 12, 2008 3:20 PM
Sirius fans = dumbest mother fuckers on this planet.
Part of the reason i will leave post merger.
Posted by: scott | May 12, 2008 3:22 PM
Scott wrote:
//Sirius fans = dumbest mother fuckers on this planet.
//Part of the reason i will leave post merger.
Wow someone that pays for a XM because of the fans (not the content) is calling the Sirius fans stupid :D
Posted by: Hmmm | May 12, 2008 4:36 PM
I know nothing of satrad...I just bait and bash to get your response...pretty hilarious at times...this is good entertainment boys!
Posted by: Anonymous Coward | May 12, 2008 5:02 PM
I love how everyone turns this into a Howard vs. O&A discussion. The truth is both companies absolutely blow at managing their money. After the merger they are going to continue pissing away money.
Posted by: Some ass | May 12, 2008 8:54 PM
Without Howard Stern, Sirius would not be in business. All eggs are in one basket. If he gets hit by a car, it's all over. That's not a bad idea, by the way.
Posted by: Anonymous Coward | May 13, 2008 5:15 AM
the fact that SAC is up y/y is simply reflective of the massive increase in GM subs as a percent of the total--GM makes money on these installs and XM loses for about 3 plus years
Posted by: Anonymous Coward | May 13, 2008 7:40 PM