The first quarter 2010 report from Sirius XM showed that the satellite radio provider closed March 31 closed with 18,944,199 subs, up approximately 2 per cent from the 1Q09, though according to CEO Mel Karmazin the company passed the 19 million last week. The vast majority of the company’s subscribers (approximately 11.4 million in Q1) were OEM subs, indicating the success of the company’s in-car strategy.
Net sub additions in the quarter totalled 171,441, a mega improvement from the more than 400,000 lost in 1Q09. Quarterly pro forma revenue was up 11 per cent over the year earlier period to $670.6 million; free cash flow, however, tumbled to -$127.2 million from -$3.6 million in 1Q09. Sirius XM continues to project net sub additions of 500,000 for 2010.