SiriusXM Canada Records Strong Third Quarter Performance and Increases Dividend

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1 SiriusXM Canada Records Strong Third Quarter Performance and Increases Dividend Increased quarterly dividend by 27.3% to $ Total Subscribers of 2.3 million; year-over-year net additions of 205,000 Revenue grew 13.9% to a record $73.6 million Adjusted EBITDA** increased 57.8% to $15.1 million Net income of $0.8 million, up $5.0 million year-over-year Free cash flow increased 81.8% to $13.3 million Toronto, ON July 10, 2013 Sirius XM Canada Holdings Inc. ( SiriusXM Canada or the Company ) (TSX: XSR), parent of Sirius XM Canada Inc., today released unaudited financial results for the quarter and year-to-date period ended May 31, 2013 ( Q3 FY2013 and YTD FY2013 respectively) prepared in accordance with International Financial Reporting Standards (IFRS) 1. A summary of IFRS financial results for Q3 and YTD FY2013 is attached. All results are reported in Canadian dollars unless otherwise stated. Q3 FY2013 Highlights Increased quarterly dividend by 27.3% from $ to $ Self-Paying Subscribers increased 10.4% to 1,664,200 from 1,507,100 at May 31, 2012 Revenue grew 13.9% to $73.6 million from $64.6 million in Q3 FY2012 Adjusted EBITDA increased 57.8% to $15.1 million from $9.6 million in Q3 FY2012 Net income increased to $0.8 million from a loss of $4.2 million in Q3 FY2012 Free cash flow increased 81.8% to $13.3 million from $7.3 million in Q3 FY2012 Cash, cash equivalents and short term investments of $51.5 million at May 31, 2013 Year-to-date FY2013 Highlights Revenue grew 11.3% to $213.2 million from $191.5 million for the same period in FY2012 Adjusted EBITDA increased 51.9% to $52.2 million from $34.3 million for the same period in FY2012 Net income increased to $8.1 million from a loss of $10.3 million for the same period in FY2012 Free Cash Flow increased 41.9% to $39.9 million from $28.1 million for the same period in FY2012 Launched new sales program targeted at the pre-owned vehicle market Continued execution against our business plan led to strong year-over-year growth in EBITDA and Free Cash Flow, and a significant 27% increase in our dividend, said Mark Redmond, President and CEO, SiriusXM Canada. Our focus remains on driving revenue growth by adding new subscribers and through delivery of enhanced services to existing subscribers. At the same time, we look to improve our margins and build on our track record for generating positive cash flow by keeping a close eye on expenses. 1 For a complete set of financial results including the accompanying notes please refer to the Company s filings on 1

2 Through the first nine months of the year we have delivered against these expectations and look forward to Q4 which is our seasonally strong period for adding new subscribers. In the third quarter, we continued to deliver growth in revenue, profitability and Free Cash Flow, allowing for us to return more capital to shareholders in the form of a dividend increase. At over $51 million, our cash position is strong, providing ample liquidity and flexibility to support both our operating model and exciting growth initiatives going forward, said Michael Washinushi, CFO, SiriusXM Canada. Financial and Operational Summary Below, the Company has provided certain non-gaap measures and industry metrics. These figures are subject to the qualification and assumptions set out in the notes to such results. Financial * Q3 FY2013 Q3 FY2012 YTD FY2013 YTD FY2012 (ended May 31, 2013) (ended May 31, 2012) (ended May 31, 2013) (ended May 31, 2012) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Total Revenue $73,582 $64,615 $213,162 $191,501 Adjusted EBITDA** $15,083 $9,560 $52,152 $34,342 Net Income (Loss) $776 ($4,189) $8,113 ($10,296) Operating* Self-Paying Subscribers 1,664 1,507 1,664 1,507 Total Subscribers 2,322 2,117 2,322 2,117 ARPU $11.88 $11.60 $11.62 $11.58 Subscriber Acquisition Cost (SAC) $47 $49 $46 $50 Cost Per Gross Addition (CPGA) $72 $68 $72 $74 * All figures in the table above are in thousands except, SAC and CPGA ** Adjusted EBITDA is a non-gaap measure. A reconciliation of operating income to both EBITDA and Adjusted EBITDA is provided below. Q3 and YTD FY2013 Financial Review For Q3 FY2013, revenue was $73.6 million, up $9.0 million, or 13.9%, from $64.6 million in Q3 FY2012. The year-over-year improvement was a result of the continued growth in the Company s revenuegenerating subscriber base, as well as an increase in Average Revenue Per User (ARPU). Q3 FY2013 ARPU was $11.88, up from $11.60 in Q3 FY2012. For YTD FY2013, revenue was $213.2 million, up $21.7 million, or 11.3%, from $191.5 million for the same period in FY2012. ARPU for YTD FY2013 was $11.62 compared to $11.58 for the same period in FY2012. SAC was $47 in Q3 FY2013, down from $49 in Q3 FY2012. The year-over-year improvement was a result of a higher proportion of gross subscriber additions being generated from winback activities that requires no incremental subsidy costs. SAC for YTD FY2013 was $46, down from $50 for the same period in FY2012. CPGA was $72 in Q3 FY2013, down from $68 in Q3 FY2012. The year-over-year increase was a result of higher marketing costs offset by higher gross subscriber additions. CPGA for YTD FY2013 was $72, down from $74 for the same period in FY2012. Q3 FY2013 Adjusted EBITDA was $15.1 million, representing a 57.8%, or $5.5 million increase from Adjusted EBITDA of $9.6 million in Q3 FY2012. The year-over-year improvement was a result of the combination of the Company s top-line growth offset by $2.6 million increase in total operating expenses. YTD FY2013 Adjusted EBITDA was $52.2 million, an increase of 51.9%, or $17.8 million, from $34.3 million for the same period in FY2012. In Q3 FY2013, SiriusXM Canada generated $13.3 million in Free Cash Flow. The Company generated $13.6 million in cash from operations, used $0.3 million of cash in investing activities and used $13.5 million of cash in financing activities. Comparatively, in Q3 FY2012, SiriusXM Canada generated $7.3 2

3 million in Free Cash Flow. The Company generated $8.7 million in cash from operations, used $1.4 million of cash in investing activities and used $0.9 million of cash in financing activities. For YTD FY2013, SiriusXM Canada generated $39.9 million in Free Cash Flow. The Company generated $45.4 million in cash from operations, used $10.8 million of cash in investing activities and used $39.4 million of cash in financing activities. Comparatively, for the same period in FY2012, SiriusXM Canada generated $28.1 million in Free Cash Flow. The Company generated $30.6 million in cash from operations, used $2.5 million of cash in investing activities and used $11.7 million of cash in financing activities. As at May 31, 2013, SiriusXM Canada had total cash, cash equivalents and short-term investments of $51.5 million, down from $51.8 million as at February 28, The decrease reflects the Company s efforts to strategically deploy its cash, paying $14.3 million in dividends as per its dividend policy. Conference Call and Webcast Details SiriusXM Canada will hold a conference call to discuss the Company s Q3 FY2013 results on Thursday, July 10, 2013 at 5:00 p.m. ET. All interested parties can join the call by dialling , or Please dial-in 15 minutes prior to the call to secure a line. The conference call will be archived for replay until Thursday, July 17, 2013 at midnight. To access the archived conference call, please dial , or and enter the reservation code A live audio webcast of the conference call will be available at Please connect at least 15 minutes prior to the conference call to ensure adequate time for any software download that may be required to join the webcast. An archived replay of the webcast will be available for 365 days at Reconciliations The following is a reconciliation of unaudited EBITDA and unaudited Adjusted EBITDA to Operating Income. (In $000 s) Q3 FY2013 Q3 FY2012 YTD FY2013 YTD FY2012 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Operating income (loss) 5,147 (1,199) 23,603 (169) Depreciation & Amortization 9,374 10,006 26,511 30,990 EBITDA 14,521 8,806 50,114 30,821 Stock based compensation ,858 1,160 Integration, severance and merger ,381 costs Fair value adjustments* Adjusted EBITDA 15,083 9,560 52,152 34,342 * Fair value adjustment relates to the reduction in revenue due to the valuation of deferred revenue as per purchase price accounting Please see the Company s Management Discussion & Analysis filed July 10, 2013 for more details on the Company s Q3 and YTD FY2013 results. The non-gaap measures used in this press release should be used in addition to, but not as a substitute for, the analysis provided in the unaudited consolidated statement of operations and comprehensive income. Please see the Company s Management Discussion & Analysis filed July 10, 2013 for complete definition of non-gaap measures. Forward-Looking Statements Certain statements included above may be forward-looking in nature. Such statements can be identified by the use of forward-looking terminology such as "expects," "may," "will," "should," "intend," "plan," or "anticipates" or the negative thereof or comparable terminology, or by discussions of strategy. Forwardlooking statements include estimates, plans, expectations, opinions, forecasts, projections, targets, guidance, or other statements that are not statements of fact, including with respect to the payment of dividends in the future and future performance. Although SiriusXM Canada believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct, including with respect to the ability of the Company to pay dividends in the future. SiriusXM Canada's forward-looking statements are expressly qualified in their 3

4 entirety by this cautionary statement. SiriusXM Canada makes no commitment to revise or update any forward-looking statements in order to reflect events or circumstances after the date any such statement is made, except as required by applicable law. Additional information identifying risks and uncertainties is contained in Canadian Satellite Radio Holdings Inc.'s filings with the Canadian securities regulators, available at About SiriusXM Canada Sirius XM Canada Holdings Inc. (TSX: XSR) operates as SiriusXM Canada. SiriusXM Canada, with over 2.3 million subscribers, is the country's leading audio entertainment company and broadcasts more than 120 satellite radio channels featuring premier sports, news, talk, entertainment and commercial-free music. SiriusXM Canada offers an array of content from the most recognized news and entertainment brands as well as every major sport including the NHL, NFL, MLB and CFL. SiriusXM programming is available on a variety of devices including pre-installed and after-market radios in cars, trucks and boats, smartphones and mobile devices, and consumer electronics products for homes and offices. SiriusXM programming is also available online at and on Apple, BlackBerry and Android-powered mobile devices. SiriusXM Canada has partnerships with every major automaker and its radio products are available at more than 3,000 retail locations nationwide. To find out more about SiriusXM Canada (TSX: XSR), visit our website at 4

5 CONSOLIDATED INTERIM BALANCE SHEETS (Unaudited) (Canadian dollars) At May 31, 2013 August 31, 2012 ASSETS Current assets Cash and cash equivalents 46,305,765 51,034,749 Short-term investments 5,195,460 Accounts receivable 14,457,382 12,133,138 Prepaid expenses 4,404,623 3,361,448 Inventory 200, ,316 Total current assets 70,564,129 66,853,651 Long-term prepaid expenses 100,590 79,410 Property and equipment 6,007,510 7,617,399 Intangible assets 159,823, ,986,331 Deferred tax assets 56,233,841 59,858,394 Goodwill 96,732,525 96,732,525 Total assets 389,461, ,127,710 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Trade and other payables 43,032,074 39,085,800 Due to related parties 8,367,722 6,775,601 Interest payable 6,274,526 2,704,449 Current portion of deferred revenue 142,951, ,554,399 Provisions 1,532,359 1,285,587 Total current liabilities 202,157, ,405,836 Deferred revenue 18,116,287 21,019,320 Other long-term liabilities 3,759,798 6,902,537 Due to related parties 3,587,527 1,208,332 Long-term debt 145,702, ,992,819 Provisions 314, ,112 Total liabilities 373,638, ,872,956 Shareholders' equity Share capital 150,440, ,393,493 Contributed surplus 6,165,175 5,057,501 Accumulated deficit (140,782,164) (108,196,240) Total shareholders' equity 15,823,073 45,254,754 Total liabilities and shareholders equity 389,461, ,127,710 5

6 CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) (Canadian dollars) Three Months ended Nine Months ended May 31, 2013 May 31, 2012 May 31, 2013 May 31, 2012 Revenue 73,581,631 64,615, ,162, ,500,550 Operating expenses Operating costs 59,060,543 55,705, ,047, ,298,266 Severance and merger costs 104,428 1,381,390 Depreciation and amortization 9,374,461 10,005,268 26,511,057 30,989,731 Operating income 5,146,627 (1,199,685) 23,603,298 (168,837) Finance costs, net Interest income 170, , , ,147 Interest expense (3,997,601) (4,010,560) (11,897,897) (12,715,708) Foreign exchange (loss) (65,986) (389,460) (530,496) (546,035) Gain (loss) on revaluation of derivatives 14,403 51,378 (3,390) Finance costs (3,893,339) (4,282,499) (11,865,713) (13,036,986) Income (loss) before income tax 1,253,288 (5,482,184) 11,737,585 (13,205,823) Income tax (expense) recovery (477,169) 1,293,210 (3,624,553) 2,910,222 Net income (loss) and comprehensive income (loss) 776,119 (4,188,974) 8,113,032 (10,295,601) Basic and fully diluted (loss) earnings per share 0.01 (0.03) 0.07 (0.08) 6

7 CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY (Unaudited) (Canadian dollars) Total Share Contributed Accumulated Shareholders' For the nine months ended Capital Surplus deficit Equity Balance, September 1, ,169,430 4,324,032 (104,017,424) 47,476,038 Total comprehensive (loss) for the period (10,295,601) (10,295,601) Stock-based compensation 1,160,263 1,160,263 Stock options exercised 1,144,741 (710,439) 434,302 Balance, May 31, ,314,171 4,773,856 (114,313,025) 38,775,002 Balance, September 1, ,393,493 5,057,501 (108,196,240) 45,254,754 Total comprehensive income for the period 8,113,032 8,113,032 Stock-based compensation 1,858,258 1,858,258 Dividends (40,698,956) (40,698,956) Stock options exercised 2,046,569 (750,584) 1,295,985 Balance, May 31, ,440,062 6,165,175 (140,782,164) 15,823,073 7

8 CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS (Unaudited) (Canadian dollars) Three months ended Nine months ended Cash provided by (used in) May 31, 2013 May 31, 2012 May 31, 2013 May 31, 2012 OPERATING ACTIVITIES Net income (loss) for the period 776,119 (4,188,974) 8,113,032 (10,295,601) Add(deduct) items not involving cash Amortization of intangible assets 8,871, 200 9,338,902 24,854,334 28,866,551 Depreciation of property and equipment 503, ,366 1,656,723 2,123,180 Deferred tax expense (recovery) 477,169 (1,293,210) 3,624,553 (2,910,222) Stock-based compensation 526, ,136 1,858,258 1,160,263 Accrued interest 3,587,543 3,583,180 3,570,077 3,564,985 Interest accretion 241, , , ,533 Revaluation of derivative (14,403) (51,378) 3,390 Unrealized foreign exchange losses 85, , , ,658 Net change in non-cash working capital and deferred revenue related to operations (1,476,316) (438,238) 491,672 7,123,295 Cash provided by operating activities 13,591,364 8,664,034 45,425,987 30,648,032 INVESTING ACTIVITIES Purchase of property and equipment (26,853) (30,840) (58,255) (625,892) Purchase of intangible assets (309,794) (1,341,147) (5,439,024) (1,891,830) Purchase of bonds (5,306,295) Interest on bonds 51,574 Cash used by investing activities (336,647) (1,371,987) (10,752,000) (2,517,722) FINANCING ACTIVITIES Payment of dividends (14,264,286) (40,698,956) Payment of related party promissory notes (11,173,290) Proceeds from exercise of stock options 715,339 40,394 1,295, ,302 Repayments of debt (917,700) (917,700) Cash used by financing activities (13,548,947) (877,306) (39,402,971) (11,656,688) Net increase in cash and cash equivalents during the period (294,230) 6,414,741 (4,728,984) 16,473,622 Cash and cash equivalents, beginning of period 46,599,995 36,074,320 51,034,749 26,015,439 Cash and cash equivalents, end of period 46,305,765 42,489,061 46,305,765 42,489,061 For further information, please contact: Morlan Reddock Aaron Kabucis or Alley Adams Sirius XM Canada TMX Equicom ext. 230 or 234 or 8

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