SiriusXM conducted its annual meeting, and while there was nothing earth shattering outlined, the news is positive. The company outlined that it is executing its plans, continuing growth, and on a pace to meet or exceed guidance for 2013. Share buybacks are happening, the auto sector is growing, and the company is making efforts to grow in the used car channel as well as the Internet side of the business.
I typically attend the meeting each year. Unfortunately, this year I had other commitments and was unable to attend. SiriusXM present a slide presentation and that is available on the investor relations tab of the SiriusXM website. I recommend that investors take a few minutes to review the presentation [PDF].
The board slate was all approved, the accounting firm was approved, and a transparency initiative from a pension fund was rejected. All in all SiriusXM is marching along at a pace that will generate plenty of free cash flow and continued growth in EBITDA. Combine this solid foundation with share buybacks that defend the equity price and you can see why we are seeing stock price appreciation.