Most subs are opting for the 16.99 package.
Xm subs choosing Sirius content. No specifics.
Fired first shot at analysist. Mel attacked for once.
Small amount are opting for 9.99 only..
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Most subs are opting for the 16.99 package.
Xm subs choosing Sirius content. No specifics.
Fired first shot at analysist. Mel attacked for once.
Small amount are opting for 9.99 only..
questions now:
David Bank - RBC Capital
Structure of perferred shares? Anti-dilutive provision?
It is in the 10-k. 40% of company, 15% coupon. Thrilled to have Liberty as a partner. Good deal for both sides.
Best of penetration?
Continue to grow. Majority of people choosing the tiered service are choosing 16.99 packages. 75% of these are XM subscribers choosing best of. Working on getting baseball on board to encourage Sirius subscribers to choose best of.
estimated range of subscribers on best of by 2009?
Unable to give any information on this at this time due to environment.
Holding at .1770........
Not good. Sign of weakness. Should give guidance. Ammend it later.Quote:
Originally Posted by Newman
Consider ever possible way to grow. Package deal are an option. No specifics. I wanted to hear more specifics. 2nd bad comment. I wanted to hear about the IPhone, and Ipod(surprise) and the date. Issing it in Q2 was specific enough for me. Focus of CC might go to this aspect.
He seemed to make it clear that the only reason he wouldn't give any guidance on best of sign ups, was because of analysts on wall street who bury companies for missing numbers. He still said they were extremely optimistic about the service.
I know I just heard that right - he specifically noted packaging with DirecTV as an option ..... that - plus the iphone app in development.... which I think relmor caught was possibly coming out Q2...
No, he said IS COMING IN Q2, NOT MIGHT.Quote:
Originally Posted by Paratrooper_Rick
I think they need to shift back to it toward closing.... it would give a good bump to investor confidence if he went into more detail.....Quote:
Originally Posted by relmor2003
LOL got it.....Quote:
Originally Posted by relmor2003
Dueling posts.... yeehaaa....Go MEL
David Joyce - Miller Tabak
Take on synergies with Liberty
Number of opportunities. Excellent working relationship with CEO of Direct and Liberty. Possibly bundling Sirius XM with DirecTV.
Exense catagories which have room for cost cutting:
"Accross the board" - every single line item still have synergies, but will not be able to get to all of them such as migrating everyone to a single platform as far as call centers go. (looking at 2010 for this). Programming contracts coming due will be reworked. "Meaningful improvement on each line item"
Mel giving example: Total opperating expenses for full year 2008, down 2%. If you look at Q4 which was fully merged, it is down 22%. Looking to reduce costs signifantly thanks to synergies.
Retail clarity:
Confusion from merger? Economic pullback?
So much doom and gloom about our company, this had a terrific impact on our subscribers. (DUH!!)
Circuit City bankruptcy hurt us. Will address this second half of the year.
Tuna Amobi - S&P
Alternative offer from EchoStar. how was Liberty deal better?
Number of companies interested in doing a deal with us. After consideration, the board was unanimous in deciding that Liberty was the best deal.
Discontinuing guidance yet confirming EBITDA guidance. Withdrawing long term guidance?
Yes, withdrawing guidance for everything other than EBITDA. "We will EXCEED $300 million EBITDA" Big differenance from before where we said we would have approximately 300.
who was the douchebag who's asked for sub guidance 3 times in the last 3 minutes?
Tuna drilled him on the Ergen deal and growth. I would have done the same thing if I was an ass too.
Missed name
120 restricted cash was for MLB. Those funds have been released to that organization for 2009 and 2010. Not required to refund escrow account for MLB.
CAPEX Guidance?
Loral credit revolver of 80 million
Drawing conditions restricted for payments to satellites.
Multi-subscriber price $6.99 per month increasing to $8.99 per month. Gave ability to lock in the $6.99 price (up to march 30th). Good response to this offer. Gives us a working capital benefit. Unable to raise prices on long term plans, but could cut multi-year plan discounts, but are not looking to do that at this time.
Now at .1700...
Ned Zacher - KLS
Conversion rate 44% average per year, 52% going rate on exiting 2008.
Crocket - Lazar Capital
Overview on conversion rate over last few months
Confusion on merger and news and press of negativity brought down conversion rate.
Difficult period, thrilled with outcome. Now that this is out of the way, we are focused on growing our business.
And, it is over...
Mel - focused on growing business. Hope he means more and better advertizing!
I thought it went ok,but THE NEWS about Over 300MIL EBITDA is great...
So what do you guys that listened think? Was Mel Defensive or Offensive?
As far as Amobi asking about other deals: There was no way Mel was going to release any details. He said "Unless you want to ask about something specific in the deal, we selected the Liberty deal because it was the best deal."
Canceling guidance is nothing new since they did not give guidance during the merger process, but the EBITDA of OVER 300 million for 2009 is definately a positive. That means that as far as EBITDA goes, they will be adding over 600 million in positive EBITDA (this year was a loss of $277 million right?)