XM Radio 2015 Annual Report Download - page 5

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Well Positioned for Continued Growth as We Deliver Value to Stockholders
Our success is simple to explain: it is a direct function of our diligent focus and execution on
our core business and the prudent investments we continue to make to extend our leadership
position. In 2016, we expect to grow to approximately 31 million subscribers and generate
approximately $4.9 billion of revenue. We also expect to produce approximately $1.78 billion of
adjusted EBITDA and $1.4 billion of free cash flow. We also expect to continue to deliver value to
stockholders by returning capital through share repurchases.
If you are a subscriber, thank you for your loyalty. If you are a stockholder, thank you for your
investment and trust in us. The best is yet to come—your company is energized and focused on
delivering the best audio entertainment experience in the world. It is hard to make guarantees, but
there is one thing I am sure of: we will continue to deliver to our subscribers the best radio on
radio.
I look forward to updating you as we progress through 2016. Thank you for your investment in
SiriusXM.
Sincerely,
Jim Meyer
Chief Executive Officer
SiriusXM