XM Radio 2015 Annual Report Download - page 3

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Dear Fellow Stockholders,
In 2015, we continued to attract more subscribers than ever by building on our core strengths
of unparalleled content, leading technology, and close long-term relationships with automakers. That
focus showed results. We exceeded our goals and achieved record operational and financial
results. We have:
•Reached an all-time high subscriber base: With 2.3 million new subscribers in 2015, we
produced our best subscriber growth since the merger of Sirius and XM, expanding our total
subscriber base to approximately 29.6 million.
•Delivered record financial results: We exceeded our guidance across the board, and
achieved record revenues of $4.6 billion, record adjusted EBITDA of $1.66 billion and record
free cash flow of $1.3 billion.
•Returned capital to stockholders: We continued our capital return program. In 2015, we
purchased 524 million shares of common stock, or nearly 10% of the Company’s outstanding
shares, for $2 billion. As of the end of January 2016, our stock repurchase plan has
delivered $6.5 billion into the hands of our stockholders in just three years.
•Refreshed, expanded, evolved our program offering: We renewed key, vital high-profile
programming deals with top talent, renewed major live sports agreements, expanded our
music and comedy channels, and added new voices to radio to produce compelling, world-
class content.
In short, 2015 was a remarkable year for SiriusXM and we expect to maintain our performance
going forward.
Our Subscribers Pay Because They Love Our Content
Our best-in-class content offering continues to be a major differentiator for SiriusXM. In 2015,
we continued to bring new voices to radio, expanded our lineup of exclusive music, comedy, sports,
news, and talk programming, and renewed several big programming agreements at the core of our
offering.
We signed a new far-reaching deal with Howard Stern that expanded our relationship with him.
As part of the agreement, we secured the exclusive rights to all of his archives in audio and video
for the next twelve years. We are working closely with Howard and look forward to announcing
plans to leverage new content in the future.
We also extended our agreement with the NFL through the Super Bowl in 2022, providing
subscribers access to every NFL game plus our popular NFL Radio channel. With the renewals of
Howard and the NFL, coupled with long-term renewals of NHL, Major League Baseball, NBA and
FOX News, we have secured a “critical mass” of our content at a fixed rate for many years to
come.