XM Radio 2013 Annual Report Download - page 4

enhances relationships with key Asian and European
automakers and improves opportunities at several
others. We are now a market leader in building the
connected vehicle architecture and as a provider of
state-of-the-art services to nine major car brands. We
have a clearly-defined strategy to execute and win in
this business. We’ve acquired a great team of
professionals, who are accelerating development of our
connected car architecture and services.
SiriusXM’s subscription model has consistent and
predictable cash flows, and looking to 2014 we expect
to achieve further growth and success by continuing
to leverage our competitive strengths. We expect our
revenue to be over $4 billion, with adjusted EBITDA
of approximately $1.38 billion and free cash flow
approaching $1.1 billion. These figures translate into
strong double digit growth in adjusted EBITDA and
free cash flow, and once again free cash flow per
share will grow even faster as we retire shares via our
share repurchase program.
Our achievements over the past year, and those to
come in 2014, are made possible by our outstanding
team of dedicated SiriusXM employees. Their
innovation and dedication have enabled SiriusXM to
deliver the best service possible to help build our
subscriber base and drive free cash flow growth to
enhance value for all our stockholders. I thank them
for their continued hard work.
This is an exciting time for SiriusXM as we execute
on our growth plans and take the necessary steps to
position our Company for continued long-term
success. We are thankful for our tens of millions of
subscribers and thrilled to be welcoming more into the
SiriusXM family. In the year ahead, we look forward
to continuing to provide the best radio on radio and to
enhancing value for our stockholders. Thank you for
your investment in SiriusXM.
Sincerely,
Jim Meyer
Chief Executive Officer
SiriusXM