XM Radio 2000 Annual Report Download - page 49
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RADiO TO THE POWER OF X
XM SATELLiTE RADiO 2000 Annual Report
(l) Leases
The Company has noncancelable operating leases for office space and terrestrial repeater sites and noncancelable
capital leases for equipment that expire over the next ten years. The future minimum lease payments under
noncancelable leases as of December 31, 2000 are (in thousands):
Operating Capital
leases leases
Year ending December 31:
2001 ........................................................ $ 13,261 $ 847
2002 ........................................................ 13,665 761
2003 ........................................................ 13,986 474
2004 ........................................................ 14,230 —
2005 ........................................................ 11,041 —
Thereafter ................................................ 22,513 —
Total ...................................................... $ 88,696 2,082
Less amount representing interest ............................ (159)
Present value of net minimum lease payments .......... 1,923
Less current maturities ............................................ (556)
Long-term obligations .............................................. $ 1,367
Rent expense for 1998, 1999 and 2000 was $231,000, $649,000 and $6,082,000 respectively.
(12) Quarterly Data (Unaudited)
1998
1st 2nd 3rd4th
Quarter Quarter Quarter Quarter
Revenues................................................................. $ — $ — $ — $ —
Operating loss.......................................................... 3,100 5,032 3,865 4,196
Loss before income taxes......................................... 3,100 5,032 3,857 4,178
Net loss attributable to common stockholders............ 3,100 5,032 3,857 4,178
Net loss per share—basic and diluted........................ $ (0.46) $ (0.75) $ (0.58) $ (0.62)
1999
1st 2nd 3rd4th
Quarter Quarter Quarter Quarter
Revenues................................................................. $ — $ —$ — $ —
Operating loss.......................................................... 4,421 4,020 9,374 12,876
Loss before income taxes......................................... 4,367 3,999 17,402 11,128
Net loss attributable to common stockholders............ 4,367 3,999 17,402 11,128
Net loss per share—basic and diluted....................... $ (0.65) $ (0.60) $ (2.60) $ (0.27)
2000
1st 2nd 3rd4th
Quarter Quarter Quarter Quarter
Revenues................................................................. $ —$ —$ — $ —
Operating loss.......................................................... 16,888 13,937 28,109 20,544
Loss before income taxes......................................... 12,740 5,088 20,060 13,985
Net loss attributable to common stockholders............ 14,212 7,259 160,095 19,773
Net loss per share—basic and diluted........................$ (0.30) $ (0.15) $ (3.26) $ (0.40)
The sum of quarterly per share net losses do not necessarily agree to the net loss per share for the year due to
the timing of stock issuances.
(13) Subsequent Financing (unaudited)
In March 2001, the Company completed a follow-on offering of 7,500,000 shares of Class A common stock,
which yielded net proceeds of $72.0 million, and a concurrent offering of 7.75% convertible subordinated notes
due 2006, convertible into shares of Class A common stock at a conversion price of $12.23 per share, which
yielded net proceeds of $120.7 million.
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