As a subscription based business Sirius XM has actually made it through the toughest times and is now at a point where every incremental subscriber addition is very accretive to the bottom line. Essentially it takes a certain amount of subscriptions to pay the bills, a certain amount to fuel growth, and then every other subscription is gravy. While that may seem overly simplistic, it is essential to understand this. Simply stated, Sirius XM is now in the gravy phase of its growth. Even with that though, certain challenges, such as a morphing competitive landscape exist.