Janco analyst Murray Arenson offered a brief opinion after the results of Sirius XM Radio's Q1 call were delivered:

"As expected, SIRIUS’ cash flow performance was much improved, yet its subscriber metrics were weak. The increase in cash flows is largely due to the reduction in SAC, along with benefits from merger synergies. The results were directionally in line with our expectations, though the increased guidance is a positive incremental step. Given the size of the subscriber base, the post-merger synergies, and the auto industry issues, SIRIUS is focused – as it should be -- on establishing value by growing and emphasizing its stream of cash flows. Although challenges remain, the company’s position is much improved and with effective execution, its outlook is now more likely to be a function of its large subscriber base, its content offerings, and the leverage within its financial model."

Position - Long Sirius XM Radio