XM Radio 2000 Annual Report Download - page 30

RADiO TO THE POWER OF X
XM SATELLiTE RADiO 2000 Annual Report
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CONSOLiDATED BALANCE SHEETS
(In thousands, except share data)
ASSETS
Current assets:
Cash and cash equivalents ....................................................................................................$ 50,698 $ 224,903
Short-term investments ........................................................................................................ 69,472 —
Restricted investments .......................................................................................................... — 95,277
Prepaid and other current assets .......................................................................................... 1,077 8,815
Total current assets .......................................................................................................... 121,247 328,995
Other assets:
Restricted investments, net of current portion ........................................................................ —65,889
System under construction .................................................................................................... 362,358 805,563
Property and equipment, net of accumulated depreciation and amortization of $347 and $2,337 .... 2,551 59,505
Goodwill and intangibles, net of accumulated amortization of $1,220 and $2,599 ...................... 25,380 24,001
Other assets, net of accumulated amortization of $0 and $672 .............................................. 3,653 9,265
Total assets......................................................................................................................$ 515,189 $ 1,293,218
LiABiLiTiES AND STOCKHOLDERS’ EQUiTY
Current liabilities:
Accounts payable..................................................................................................................$ 23,338 $ 47,159
Accrued expenses ................................................................................................................ 1,514 4,645
Due to related party.............................................................................................................. 62 63
Accrued interest on senior secured notes .............................................................................. —13,397
Royalty payable .................................................................................................................... 1,646 2,565
Total current liabilities........................................................................................................ 26,560 67,829
Senior secured notes, net of discount amortization of $0 and $2,044 ........................................ —261,298
Royalty payable, net of current portion ...................................................................................... 3,400 2,600
Capital lease, net of current portion .......................................................................................... 212 1,367
Other non-current liabilities ........................................................................................................ —4,172
Total liabilities .................................................................................................................. 30,172 337,266
Stockholders’ equity:
Series A convertible preferred stock, par value $0.01 (liquidation preference
of $102,688,000); 15,000,000 shares authorized, 10,786,504 shares issued
and outstanding at December 31, 1999 and 2000 ............................................................ 108 108
Series B convertible redeemable preferred stock, par value $0.01 (liquidation preference of
$43,364,000); 3,000,000 shares authorized, no shares and 867,289 shares issued and
outstanding at December 31, 1999 and 2000, respectively ................................................ — 9
Series C convertible redeemable preferred stock, par value $0.01 (liquidation preference
of $244,277,000); 250,000 shares authorized, no shares and 235,000 shares issued
and outstanding at December 31, 1999 and 2000, respectively.......................................... — 2
Class A common stock, par value $0.01; 180,000,000 shares authorized,
26,465,333 and 34,073,994 shares issued and outstanding at
December 31, 1999 and 2000, respectively ...................................................................... 265 341
Class B common stock, par value $0.01; 30,000,000 shares authorized,
17,872,176 and 16,557,262 shares issued and outstanding at
December 31, 1999 and 2000, respectively ...................................................................... 179 166
Class C common stock, par value $0.01; 30,000,000 shares authorized,
no shares issued and outstanding at December 31, 1999 and 2000 .................................. ——
Additional paid-in capital ........................................................................................................ 539,187 1,061,921
Deficit accumulated during development stage ...................................................................... (54,722) (106,595)
Total stockholders’ equity .................................................................................................. 485,017 955,952
Commitments and contingencies (notes 3, 10 and 11)
Total liabilities and stockholders’ equity ..............................................................................$ 515,189 $ 1,293,218
See accompanying notes to consolidated financial statements.
20001999
December 31,