XM Radio 2001 Annual Report Download - page 35

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33
XM SATELLiTE RADiO 2 001 Annual Report
FiNANCiALS 2001
CONSOLiDATED STATEMENTS OF OPERATiONS
(In thousands, except share data)
Revenue:
Subscriber revenue ...................................................................................... $ — $ — $ 246
Ad sales revenue .......................................................................................... — — 294
Less: Agency commissions ...................................................................... — — (43)
Other revenue .............................................................................................. — — 36
Total revenue ............................................................................................ — — 533
Operating expenses:
Broadcasting operations:
Content/ programming .............................................................................. (1 ,0 14 ) (6,878 ) (27,924)
System operations .................................................................................... (2,877) (23,22 7) (6 7,57 1)
Customer care and billing operations.......................................................... — (856 ) (6,034 )
Sales and marketing ..................................................................................... (3,351) (16,078 ) (99,789)
General and administrative............................................................................. (14,49 6) (16,624 ) (24 ,5 95)
Research and development ............................................................................ (7,440) (12,7 01 ) (14,255)
Depreciation and amortization........................................................................ (1 ,5 13 ) (3,115 ) (41,971)
Total operating expenses ........................................................................... (30,691) (79,479 ) (282,13 9)
Operating loss ................................................................................................. (30,6 91 ) (79,4 79 ) (281,60 6)
Other income (expense):
Interest income ............................................................................................. 2,916 27,606 15,198
Interest expense ........................................................................................... (9,121) —(18,1 31)
Other income, net ........................................................................................ — — 16 0
Net loss ................................................................................................... (3 6,89 6) (51,8 73 ) (284 ,37 9)
8.25% Series B preferred stock dividend requirement ......................................... — (5,9 35 ) (3,76 6)
8.25% Series C preferred stock dividend requirement ......................................... — (9,277 ) (19,387)
Series B preferred stock deemed dividend ......................................................... — (11,2 11 ) —
Series C preferred stock beneficial conversion feature ....................................... — (123 ,0 42 ) —
Net loss attributable to common stockholders ........................................ $ (36,896) $ (201,338) $ (30 7,532)
Net loss per share:
Basic and diluted ......................................................................................... $ (2.40) $ (4.15 ) $ (5.13)
Weighted average shares used in computing net
loss per share-basic and diluted ..................................................................... 15 ,3 44 ,1 02 48,50 8,04 2 59,920 ,19 6
See accompanying notes to consolidated financial statements.
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