XM Radio 2008 Annual Report Download - page 38
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The reconciliation of the pro forma unadjusted net loss to the pro forma adjusted income (loss) from
operations is calculated as follows (See footnotes for reconciliation of the pro forma amounts to their
respective GAAP amounts):
2008 2007 2006
Unaudited Pro Forma
For the Three Months Ended December 31,
Reconciliation of net loss to adjusted income (loss) from
operations:
Net loss ...................................... $(248,468) $(405,041) $(502,321)
Add back net loss items excluded from adjusted income
(loss) from operations:
Interest and investment expense (income) ............. 90 (6,978) (10,259)
Interest expense, net of amounts capitalized ............ 71,274 48,703 50,285
Income tax expense.............................. 175 901 1,393
Loss from redemption of debt ...................... 98,203 728 21,443
Loss on investments ............................. 27,418 3,768 62,932
Other expense (income) .......................... 5,664 5,834 (288)
Loss from operations ........................... (45,644) (352,085) (376,815)
Restructuring and related costs ..................... 2,977 — —
Depreciation and amortization ...................... 49,519 75,045 71,538
Share-based payment expense ...................... 24,945 52,897 68,649
Adjusted income (loss) from operations................. $ 31,797 $(224,143) $(236,628)
There are material limitations associated with the use of a pro forma unadjusted results of operations in
evaluating our company compared with our GAAP Results of operations, which reflects overall financial
performance. We use pro forma unadjusted results of operations to supplement GAAP results to provide a
more complete understanding of the factors and trends affecting the business than GAAP results alone.
Investors that wish to compare and evaluate our operating results after giving effect for these costs, should
refer to results of operations as disclosed in our audited consolidated statements of operations. Since pro forma
unadjusted results of operations is a non-GAAP financial measure, our calculations may not be comparable to
other similarly titled measures of other companies; and should not be considered in isolation, as a substitute
for, or superior to measures of financial performance prepared in accordance with GAAP.
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