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Sirius XM focused on driving usage from car to home, mobile, CEO says

Sirius XM Holdings Inc. executives on Feb. 2 noted several upcoming product updates intended to expand the company's reach, including the roll out of Sirius' 360L platform, which combines satellite radio with 4G connectivity and is planned to launch in early 2018.

"We have been clear that we do not care how subscribers listen to Sirius XM, only that they listen. We know we have a dominant in-car listening position, which we continue to strengthen. We are, however, also very focused on driving usage across mobile platforms and in the home," CEO Jim Meyer said during a conference call following the release of the company's fourth-quarter 2016 financial results.

The CEO noted that Sirius is set to launch on Apple Inc.'s Apple TV, Google Inc.'s Chromecast and Android TV, Sony Corp.'s PlayStation consoles, Roku and on LG and Sony TVs in the next few months.

Asked by an analyst about M&A speculation involving Sirius, Meyer reiterated that the company is not interested in acquiring Pandora Media Inc., and he shot down rumors that Liberty Media Corp. was eyeing the Internet radio company.

For the fourth quarter of 2016, Sirius reported net income of $204.6 million, or 4 cents per share, up 52% from $134.6 million, or 3 cents per share, in the year-ago period. The S&P Capital IQ consensus EPS estimate for the just-ended quarter was 4 cents.

Total revenue for the quarter came to $1.30 billion, up 9% from about $1.2 billion in the fourth quarter of 2015. Adjusted EBITDA for the period was $475 million.

Net subscriber additions for the fourth quarter of 2016 were 355,000, while self-pay net subscriber additions were 423,000.

Sirius XM's full-year 2016 net income was $745.9 million, or 15 cents per share, up 46% from $509.7 million, or 9 cents per share, in 2015. The S&P Capital IQ consensus EPS estimate for full year 2016 was 15 cents.

Total revenue for full year 2016 was $5.02 billion, up 10% from $4.57 billion in 2015. Adjusted EBITDA for 2016 was $1.88 billion.

The company added 1.75 million net subscribers in 2016, while self-pay subscriber additions were 1.66 million. Sirius ended 2016 with about 26 million self-pay subscribers and 31.3 million total paying subscribers.

Looking ahead, Sirius expects full-year 2017 revenue to be about $5.3 billion and adjusted EBITDA to reach roughly $2.03 billion. The company expects net self-pay subscribers to reach 1.3 million and free cash flow of about $1.5 billion.