SiriusXM hid the fact that it lost 20,000 subscribers in Q4 pretty well by showing that they made their full year subscriber guidance.  The company finished Q3 2013 with 25.58 million subscribers, and finished the year with 25.56 million subscribers.  Simply stated, they lost at least 20,000 subs in the most recent quarter.  This is something I had cautioned investors about and is tied to the mechanics of the new GM deal.

The company did outline some 2014 guidance, which may be taken by some to be modest, but remember, this is the beginning of the year.  2014 guidance is as follows:

  • Net subscriber additions of 1.25 million
  • Free Cash Flow approaching $1.1 billion
  • Revenue of over $4.0 billion
  • Adjusted EBITDA of about $1.38 billion

In additional news, Sirius XM announced a special committee to review the Liberty media bid  The committee is made up of independent directors Eddy Hartenstein, James Holden, and Joan Amble.  Hartenstein, the former CEO of DirecTV will chair the committee.