Sirius XM Radio Inc.

Overview Key strengths Key risks Large subscriber base is supported by the company's position as the only satellite radio operator in the U.S. Shareholder friendly activities are likely to keep leverage in the mid-3x area. 77% of revenue comes from relatively stable subscription revenue. Growth is somewhat dependent on U.S. automotive sales and consumer discretionary spending. Solid free operating cash flow (FOCF) generation of more than $1 billion annually. Changes in media consumption could increase competition. We expect Sirius XM's operating and financial performance will be relatively stable in 2023 despite our expectation that advertising trends will remain depressed through the rest of 2023 and U.S. auto sales will remain sluggish until the end of the year. This is largely

...Sirius XM's subscription revenue provides relatively stable cash flow. We expect Sirius XM's operating and financial performance will be relatively stable in 2023 despite our expectation...

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