First Full Year of Positive Net Income
-
Record annual Revenue of $288.9 million, up 11.3% year-over-year
-
Annual Adjusted EBITDA** of $68.7 million, up 47.6% year-over-year
-
Annual free cash flow of $49.6 million, up 35.4% year-over-year
-
Paid $53.7 million to shareholders in dividends during the year
-
Total Subscribers increased to 2.4 million; year-over-year net additions
of 220,900
TORONTO, Nov. 14, 2013 /CNW/ - Sirius XM Canada Holdings Inc. ("SiriusXM
Canada" or the "Company") (TSX: XSR), parent of Sirius XM Canada Inc.,
today released audited financial results for the year ended August 31,
2013 (FY2013) and unaudited financial results for the quarter ended
August 31, 2013 (Q4 FY2013) prepared in accordance with International
Financial Reporting Standards (IFRS). A summary of IFRS financial results for FY2013 and Q4 FY2013 is attached1. All results are reported in Canadian dollars unless otherwise stated.
FY2013 Annual Financial Highlights
-
Revenue grew 11.3% to $288.9 million from $259.6 million in FY2012
-
Adjusted EBITDA increased 47.6% to $68.7 million from $46.6 million in
FY2012
-
Net Income increased by $16.4 million to $12.2 million from a net loss
of $4.2 in FY2012
-
Free cash flow increased $13.0 million to $49.6 million from $36.6
million in FY2012
-
Paid $53.7 million in dividends to shareholders during the year
-
Self-Paying Subscribers increased 9.0% to 1.7 million from 1.6 million
at August 31, 2012
Q4 FY2013 Financial Highlights
-
Revenue grew 11.2% to $75.7 million from $68.1 million in Q4 2012
-
Adjusted EBITDA increased 35.6% to $16.6 million from $12.2 million in
Q4 2012
-
Net Income decreased 33.3% to $4.1 million from a net income of $6.1 in
Q4 2012
-
Free cash flow increased 14.0% to $9.7 million, from $8.5 million in Q4
2012
"2013 was Sirius XM Canada's second year as a combined entity. In all
respects, it was a successful year in which we met or exceeded the key
operational and financial goals we set," said Mark Redmond, President
and CEO, SiriusXM Canada. "At the core of our recent success has been
our ability to grow our subscriber base. We've added more than 444,000
net total subscribers since the merger, and this in turn has driven our
strong financial performance and enabled us in fiscal 2013 to begin to
return capital to shareholders in the form of dividends."
"Looking forward, we are excited by the growth opportunities in front of
us," continued Mr. Redmond. "Our strategic priorities are to grow our
subscriber base, retain those subscribers, deliver unrivaled content
and leverage SiriusXM's technology innovation to launch new products
and services. To deliver on these objectives, we will expand our
footprint with the OEM product lines; pursue opportunities in the
pre-owned vehicle market; continue to give our customer more control
over more content, which they can enjoy in more places; and, remain at
the forefront of new technologies, helping to drive innovation in terms
of the features and content available to owners of the emerging
"connected car".
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.
__________________________
1 For a complete set of financial results including the accompanying
notes please refer to the Company's filings on www.sedar.com
|
|
|
|
|
|
|
|
|
|
|
|
Financial *
|
|
Q4 FY2013
|
|
|
Q4 FY2012
|
|
|
FY2013
|
|
|
FY2012
|
|
|
(ended Aug 31, 2013)
|
|
|
(ended Aug 31, 2012)
|
|
|
(ended Aug 31, 2013)
|
|
|
(ended Aug 31, 2012)
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
(Audited)
|
|
|
(Audited)
|
Total Revenue
|
|
$75,739
|
|
|
$68,119
|
|
|
$288,901
|
|
|
$259,620
|
Adjusted EBITDA**
|
|
$16,570
|
|
|
$12,220
|
|
|
$68,722
|
|
|
$46,562
|
Net Income (Loss)
|
|
$4,078
|
|
|
$6,117
|
|
|
$12,191
|
|
|
($4,179)
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating*
|
|
|
|
|
|
|
|
|
|
|
|
Self-Paying Subscribers
|
|
1,727
|
|
|
1,584
|
|
|
1,727
|
|
|
1,584
|
Total Subscribers
|
|
2,427
|
|
|
2,206
|
|
|
2,427
|
|
|
2,206
|
ARPU
|
|
$11.72
|
|
|
$11.65
|
|
|
$11.64
|
|
|
$11.60
|
Subscriber Acquisition Cost (SAC)
|
|
$40
|
|
|
$46
|
|
|
$44
|
|
|
$49
|
Cost Per Gross Addition (CPGA)
|
|
$76
|
|
|
$76
|
|
|
$73
|
|
|
$75
|
|
|
|
|
|
|
|
|
|
|
|
|
* All figures in the table above are in thousands except, ARPU, SAC and
CPGA
|
** Adjusted EBITDA is a non-GAAP measure. A reconciliation of operating
income to both EBITDA and Adjusted EBITDA is provided below.
|
"Strong EBITDA growth, coupled with a high free cash flow conversion
rate led to a significant increase in free cash flow, which allowed us
to return $53.7 million in dividends to our shareholders during the
year," said Michael Washinushi, CFO SiriusXM Canada. "With modest
capital expenditure requirements and a growing recurring revenue
stream, we believe our dividend is sustainable with the potential for
further expansion as the business grows."
FY2013 Annual and Q4 FY2013 Results Financial Review
For FY2013, revenue was $288.9 million, up $29.3 million, or 11.3%, from
$259.6 million in 2012, as a result of the growth in the Company's
revenue-generating subscriber base and a slight increase in ARPU. Q4
FY2013 revenue was $75.7 million, up $7.6 million, or 11.2%, from $68.1
million for the same period in 2012.
FY2013 Adjusted EBITDA improved to $68.7 million, representing a 47.6%
increase, or $22.1 million improvement, from Adjusted EBITDA of $46.6
million in 2012. The year-over-year increase was a result of the
Company's top-line growth combined with a decrease in administrative
and IT expenses, which was offset, in part, by a higher cost of revenue
and marketing costs. Adjusted EBITDA for Q4 FY2013 was $16.6 million,
up 35.6%, or $4.4 million, from $12.2 million for the same period in
2012.
SAC was $44 in FY2013 down from $49 in 2012. SAC for Q4 FY2013 was $40, down from $46 for the same period in 2012. The decrease for the year and
the quarter was due to lower subsidies and distribution costs and
higher gross additions from winback activities.
CPGA was $73 in FY2013 down from $75 in 2012 as an increase in marketing
costs was more than offset by an increase in gross additions from
winback activities and the decrease in subsidy costs. CPGA for Q4
FY2012 remained unchanged at $76 compared to the same period in 2012 as
the effect of higher marketing costs was offset by higher year over
year gross additions from winback activities and lower subsidy costs.
In FY2013, SiriusXM Canada generated $60.3 million in cash from
operations, used cash of $15.7 million in investing activities,
including purchase of short term investments of $5.3 million, and used
$51.5 million of cash in financing activities, including $53.7 million
of dividend payments. The Company generated $49.6 million in free cash
flow in FY2013. In Q4 FY2013, the Company generated $14.8 million in
cash from operations, used $5.0 million of cash in investing
activities, and used $12.1 million of cash in financing activities. The
Company generated $9.7 million in free cash flow in Q4 FY2013.
As at August 31, 2013, SiriusXM Canada had total cash and cash
equivalents and short term investments of $49.2 million, down from
$51.5 million as at May 31, 2013 and $51.0 million as at August 31,
2012.
Conference Call and Webcast Details
SiriusXM Canada will hold a conference call to discuss the Company's
FY2013 annual and Q4 results on Thursday, November 14, 2013 at 5.00
p.m. ET. All interested parties can join the call by dialing
647-427-7450, or 1-888-231-8191. Please dial-in 15 minutes prior to the
call to secure a line. The conference call will be archived for replay
until Thursday, November 21, 2013 at midnight. To access the archived
conference call, please dial 416-849-0833, or 1-855-859-2056 and enter
the reservation code 92906022. A live audio webcast of the conference
call will be available at http://www.siriusxm.ca and www.newswire.ca. 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 www.newswire.ca.
Reconciliations
The following is a reconciliation of EBITDA and Adjusted EBITDA to
Operating Income.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In $000's)
|
|
|
|
|
|
Q4 FY2013
|
|
|
Q4 FY2012
|
|
|
|
FY2013
|
|
|
|
FY2012
|
|
|
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
|
(Audited)
|
|
|
|
(Audited)
|
Operating income (loss)
|
|
|
|
|
|
7,071
|
|
|
3,013
|
|
|
|
30,675
|
|
|
|
2,844
|
Depreciation & Amortization
|
|
|
|
|
|
9,065
|
|
|
8,699
|
|
|
|
35,576
|
|
|
|
39,689
|
EBITDA
|
|
|
|
|
|
16,136
|
|
|
11,712
|
|
|
|
66,250
|
|
|
|
42,533
|
Stock based compensation
|
|
|
|
|
|
399
|
|
|
333
|
|
|
|
2,257
|
|
|
|
1,493
|
Integration, severance and merger costs
|
|
|
|
|
|
-
|
|
|
2
|
|
|
|
-
|
|
|
|
1,383
|
Fair value adjustments*
|
|
|
|
|
|
35
|
|
|
173
|
|
|
|
215
|
|
|
|
1,152
|
Adjusted EBITDA
|
|
|
|
|
|
16,570
|
|
|
12,220
|
|
|
|
68,722
|
|
|
|
46,562
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Fair value adjustment relates to reduction in revenue due to valuation
of deferred revenue as per
purchase price accounting
|
Please see the Company's Management Discussion & Analysis filed November
14, 2013 for more details on the Company's Q4 and 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 audited
consolidated statement of operations and comprehensive income. Please
see the Company's Management Discussion & Analysis filed November 14,
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. Forward-looking 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 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 Sirius XM Canada
Holdings Inc.'s filings with the Canadian securities regulators,
available at www.sedar.com.
About SiriusXM Canada
Sirius XM Canada Holdings Inc. (TSX: XSR) operates as SiriusXM Canada.
SiriusXM Canada, with over 2.4 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 www.siriusxm.ca and on Apple 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 www.siriusxm.ca.
Consolidated Financial Statements
Sirius XM Canada Holdings Inc.
August 31, 2013 and 2012
CONSOLIDATED BALANCE SHEETS
|
|
At
|
|
|
|
|
|
August 31,
|
|
|
|
August 31,
|
(Canadian dollars)
|
|
|
|
|
|
2013
|
|
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
|
44,078,584
|
|
|
|
51,034,749
|
Short-term investments
|
|
|
|
|
|
5,157,798
|
|
|
|
—
|
Accounts receivable
|
|
|
|
|
|
13,359,446
|
|
|
|
12,133,138
|
Prepaid expenses
|
|
|
|
|
|
6,778,736
|
|
|
|
3,361,448
|
Inventory
|
|
|
|
|
|
234,349
|
|
|
|
324,316
|
Total current assets
|
|
|
|
|
|
69,608,913
|
|
|
|
66,853,651
|
Long-term prepaid expenses
|
|
|
|
|
|
100,157
|
|
|
|
79,410
|
Property and equipment
|
|
|
|
|
|
5,979,911
|
|
|
|
7,617,399
|
Intangible assets
|
|
|
|
|
|
152,217,165
|
|
|
|
175,986,331
|
Deferred tax assets
|
|
|
|
|
|
54,483,616
|
|
|
|
59,858,394
|
Goodwill
|
|
|
|
|
|
96,732,525
|
|
|
|
96,732,525
|
Total assets
|
|
|
|
|
|
379,122,287
|
|
|
|
407,127,710
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
|
|
|
Trade and other payables
|
|
|
|
|
|
47,145,257
|
|
|
|
39,085,800
|
Due to related parties
|
|
|
|
|
|
9,620,750
|
|
|
|
6,775,601
|
Interest payable
|
|
|
|
|
|
2,704,449
|
|
|
|
2,704,449
|
Current portion of deferred revenue
|
|
|
|
|
|
144,885,091
|
|
|
|
137,554,399
|
Provisions
|
|
|
|
|
|
1,327,974
|
|
|
|
1,285,587
|
Total current liabilities
|
|
|
|
|
|
205,683,521
|
|
|
|
187,405,836
|
Deferred revenue
|
|
|
|
|
|
17,105,210
|
|
|
|
21,019,320
|
Other long-term liabilities
|
|
|
|
|
|
1,669,229
|
|
|
|
6,902,537
|
Due to related parties
|
|
|
|
|
|
2,390,608
|
|
|
|
1,208,332
|
Long-term debt
|
|
|
|
|
|
143,707,194
|
|
|
|
144,992,819
|
Provisions
|
|
|
|
|
|
323,112
|
|
|
|
344,112
|
Total liabilities
|
|
|
|
|
|
370,878,874
|
|
|
|
361,872,956
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
|
|
|
|
|
|
|
|
|
|
Share capital
|
|
|
|
|
|
151,794,596
|
|
|
|
148,393,493
|
Contributed surplus
|
|
|
|
|
|
6,161,440
|
|
|
|
5,057,501
|
Accumulated deficit
|
|
|
|
|
|
(149,712,623)
|
|
|
|
(108,196,240)
|
Total shareholders' equity
|
|
|
|
|
|
8,243,413
|
|
|
|
45,254,754
|
Total liabilities and shareholders' equity
|
|
|
|
|
|
379,122,287
|
|
|
|
407,127,710
|
|
|
|
|
|
|
|
|
|
|
|
Approved by Board of Directors
|
|
|
|
|
(signed) John I. Bitove
|
|
|
|
(signed) Anthony Viner
|
|
|
|
|
|
|
|
|
|
|
John I. Bitove, Director
|
|
|
|
Anthony Viner, Director
|
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
For the year ended August 31
|
|
|
|
|
|
Share
|
|
|
Contributed
|
|
|
Accumulated
|
|
|
Shareholders'
|
(Canadian dollars)
|
|
|
|
|
|
Capital
|
|
|
Surplus
|
|
|
deficit
|
|
|
Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, September 1, 2011
|
|
|
|
|
|
147,169,430
|
|
|
4,324,032
|
|
|
(104,017,424)
|
|
|
47,476,038
|
Net loss for the year
|
|
|
|
|
|
—
|
|
|
—
|
|
|
(4,178,816)
|
|
|
(4,178,816)
|
Stock-based compensation
|
|
|
|
|
|
—
|
|
|
1,493,400
|
|
|
—
|
|
|
1,493,400
|
Stock options exercised
|
|
|
|
|
|
1,224,063
|
|
|
(759,931)
|
|
|
—
|
|
|
464,132
|
Balance, August 31, 2012
|
|
|
|
|
|
148,393,493
|
|
|
5,057,501
|
|
|
(108,196,240)
|
|
|
45,254,754
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, September 1, 2012
|
|
|
|
|
|
148,393,493
|
|
|
5,057,501
|
|
|
(108,196,240)
|
|
|
45,254,754
|
Net income for the year
|
|
|
|
|
|
|
|
|
|
|
|
12,190,542
|
|
|
12,190,542
|
Stock-based compensation
|
|
|
|
|
|
—
|
|
|
2,257,295
|
|
|
—
|
|
|
2,257,295
|
Dividends
|
|
|
|
|
|
—
|
|
|
—
|
|
|
(53,706,925)
|
|
|
(53,706,925)
|
Stock options exercised
|
|
|
|
|
|
3,401,103
|
|
|
(1,153,356)
|
|
|
—
|
|
|
2,247,747
|
Balance, August 31, 2013
|
|
|
|
|
|
151,794,596
|
|
|
6,161,440
|
|
|
(149,712,623)
|
|
|
8,243,413
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
|
|
|
|
|
|
|
|
|
|
|
|
For the year ended August 31
(Canadian dollars)
|
|
|
|
|
|
2013
|
|
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
288,900,782
|
|
|
|
259,619,500
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
Operating costs
|
|
|
|
|
|
222,650,627
|
|
|
|
215,703,343
|
Integration, severance and merger costs
|
|
|
|
|
|
—
|
|
|
|
1,383,105
|
Depreciation and amortization
|
|
|
|
|
|
35,575,596
|
|
|
|
39,689,053
|
Operating income
|
|
|
|
|
|
30,674,559
|
|
|
|
2,843,999
|
|
|
|
|
|
|
|
|
|
|
|
Finance costs, net
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
|
|
|
686,132
|
|
|
|
360,906
|
Interest expense
|
|
|
|
|
|
(15,410,960)
|
|
|
|
(16,699,532)
|
Foreign exchange loss
|
|
|
|
|
|
(675,789)
|
|
|
|
(210,372)
|
Gain on revaluation of derivative
|
|
|
|
|
|
2,291,378
|
|
|
|
1,213,473
|
Finance costs, net
|
|
|
|
|
|
(13,109,239)
|
|
|
|
(15,335,525)
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) before income tax
|
|
|
|
|
|
17,565,320
|
|
|
|
(12,491,526)
|
Income tax (expense) recovery
|
|
|
|
|
|
(5,374,778)
|
|
|
|
8,312,710
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) and comprehensive income (loss)
|
|
|
|
|
|
12,190,542
|
|
|
|
(4,178,816)
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted earnings (loss) per share
|
|
|
|
|
|
0.10
|
|
|
|
(0.03)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
|
|
|
|
|
|
|
|
|
For the year ended August 31
(Canadian dollars)
|
|
|
|
|
|
2013
|
|
|
|
2012
|
Cash provided by (used in)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) for the year
|
|
|
|
|
|
12,190,542
|
|
|
|
(4,178,816)
|
Add(deduct) items not involving cash
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangible assets
|
|
|
|
|
|
33,167,880
|
|
|
|
36,899,668
|
Depreciation of property and equipment
|
|
|
|
|
|
2,407,716
|
|
|
|
2,789,385
|
Loss on disposal of property and equipment
|
|
|
|
|
|
11,109
|
|
|
|
—
|
Deferred tax recovery
|
|
|
|
|
|
5,374,778
|
|
|
|
(8,312,710)
|
Stock-based compensation
|
|
|
|
|
|
2,257,295
|
|
|
|
1,493,400
|
Accrued interest
|
|
|
|
|
|
—
|
|
|
|
(5,088)
|
Interest accretion
|
|
|
|
|
|
954,375
|
|
|
|
950,583
|
Revaluation of derivatives
|
|
|
|
|
|
(2,291,378)
|
|
|
|
(1,213,473)
|
Foreign exchange losses
|
|
|
|
|
|
769,540
|
|
|
|
3,010
|
Net change in non-cash working capital and deferred revenue
related to operations
|
|
|
|
|
|
5,409,419
|
|
|
|
12,649,125
|
Cash provided by operating activities
|
|
|
|
|
|
60,251,276
|
|
|
|
41,075,084
|
|
|
|
|
|
|
|
|
|
|
|
INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
Purchase of property and equipment
|
|
|
|
|
|
(753,788)
|
|
|
|
(728,425)
|
Purchase of intangible assets
|
|
|
|
|
|
(7,624,829)
|
|
|
|
(3,700,491)
|
Prepayment of property and equipment
|
|
|
|
|
|
(2,240,000)
|
|
|
|
—
|
Purchase of short-term investments
|
|
|
|
|
|
(5,306,295)
|
|
|
|
—
|
Interest received on short-term investments
|
|
|
|
|
|
176,649
|
|
|
|
—
|
Cash (used in) investing activities
|
|
|
|
|
|
(15,748,263)
|
|
|
|
(4,428,916)
|
|
|
|
|
|
|
|
|
|
|
|
FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
Payment of dividends
|
|
|
|
|
|
(53,706,925)
|
|
|
|
—
|
Proceeds from exercise of stock options
|
|
|
|
|
|
2,247,747
|
|
|
|
464,132
|
Repayments of debt
|
|
|
|
|
|
—
|
|
|
|
(917,700)
|
Payment of related party promissory notes
|
|
|
|
|
|
—
|
|
|
|
(11,173,290)
|
Cash (used in) financing activities
|
|
|
|
|
|
(51,459,178)
|
|
|
|
(11,626,858)
|
|
|
|
|
|
|
|
|
|
|
|
Net (decrease) increase in cash and cash equivalents
during the year
|
|
|
|
|
|
(6,956,165)
|
|
|
|
25,019,310
|
Cash and cash equivalents, beginning of year
|
|
|
|
|
|
51,034,749
|
|
|
|
26,015,439
|
Cash and cash equivalents, end of year
|
|
|
|
|
|
44,078,584
|
|
|
|
51,034,749
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE Sirius XM Canada Holdings Inc.