TORONTO – SiriusXM Canada said that it ended fiscal 2015 on “a high note” after posting increases in total subscribers and revenues.
For the year ended August 31, 2015, net income climbed 43.2% to $28.2 million, excluding a one-time income tax expense and withholding tax expense, on revenues of $325.9 million, which increased 7.4%. Adjusted EBITDA, which excludes a one-time adjustment related to the withholding tax provision, was $79.2 million, an increase of 0.2% from $79.0 million last year.
For the fourth quarter, revenue of $83.7 million was up 8.5%, from $77.1 million in Q4 FY2014, reflecting growth in the company's self-paying subscriber base and an increase in Self-Pay ARPU. Adjusted EBITDA increased 4.8% to $12.8 million.
The audio entertainment company saw self-paying subscribers grown by 4% from 1.85 million last year to 1.92 million this quarter, bringing its total subscriber base to 2.73 million.
President and CEO Mark Redmond said the company’s “unrivaled” content offered a “major competitive advantage”.
"Total subscribers reached at an all-time high, and we delivered record quarterly and annual revenue”, he said in a statement. “Supported by substantial net self-pay subscriber additions in Q4, we achieved our stated goal of mid-single digit growth for the year. We also generated year-over-year improvements in Adjusted EBITDA and normalized free cash flow. This was despite a much larger cost base due to higher copyright fees and increasing foreign exchange headwinds as we moved through the year. As expected, we saw churn continue to improve in Q2, Q3 and Q4, with it coming in particularly strong at 1.76 per cent for the quarter."
