XM Satellite Radio (XMSR) results and conf call highlights

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XMSR reports 2004 results this morning.  Below are highlights from the news release and conference call.  (Quotes from the CCBN StreetEvents transcript.)

Total revenues:  $244M vs. $92M in 2003
Subscription revenues: $221M vs. $78M
Subscription revenues run rate: $315M
SAC: $62 vs. $75
Cost per gross add: $100 vs. $137


Subscribers: 3.2M (vs. guidance of 3.1M)
Subscriber forecast: 5.5M by end of 2005; 20M by 2010
2005 Revenue forecast: $480M
2005 EBITDA forecast: $360M loss

On growth:
"Only a year ago people questioned whether 20 million
subscribers by 2010 was a realistic forecast and now these same people are
asking if 20 million is too conservative…when we launched the service in
September of 2001..it took us about two years to hit our one millionth
subscriber…It then took us eight months to reach two million subscribers…and
only six months to hit three million subscribers."

On conversations with Steve Jobs/Apple:
….I had some exploratory conversations but they're a
business that's really based on driving the price of their radios down. They're
very focused on an onslaught of competition coming from a variety of different
sources and, you know, they have a certain confidential air about their
product. But they have basically said that on these convergence issues they
feel that they're happy where they are but as Steve said to me was that, you
know, he's willing -- he's willing to be wrong and time will tell."