XM Radio 2008 Annual Report Download - page 95

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SIRIUS XM RADIO INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEETS
AS OF DECEMBER 31, 2008
Sirius XM
Radio Inc.
Sirius Asset
Mgmt LLC
Satellite CD
Radio
Non -
Guarantors Eliminations
Consolidated
Sirius
XM Radio Inc.
Current assets:
Cash and cash equivalents . . . .......... $ 173,647 $ — $ — $ 206,799 $ — $ 380,446
Accounts receivable, net .............. 95,247 — — 52,727 — 147,974
Due from subsidiaries/affiliates .......... 64,279 — — 2,751 (67,030) —
Inventory, net ...................... 19,973 — — 4,489 — 24,462
Prepaid expenses . . ................. 29,852 — — 37,351 — 67,203
Related party current assets . . .......... 1,814 — — 112,363 — 114,177
Prepaid and other current assets ......... 17,513 — — 53,004 (11,773) 58,744
Total current assets ................ 402,325 — — 469,484 (78,803) 793,006
Property and equipment, net . . . .......... 816,562 12,326 — 874,588 — 1,703,476
Investment in subsidiary/affiliates .......... (525,687) — — — 525,687 —
FCC license . ....................... — — 83,654 2,000,000 — 2,083,654
Restricted investments, net of current portion . . 21,000 — — 120,250 — 141,250
Deferred financing fees, net .............. 9,853 — — 30,303 — 40,156
Intangibles, net ...................... — — — 688,671 — 688,671
Goodwill . . . ....................... — — — — 1,834,856 1,834,856
Related party current assets, net of current
portion . . . ....................... — — — 124,607 — 124,607
Prepaid and other assets, net of current
portion . . . ....................... 46,735 — — 34,284 — 81,019
Total assets...................... $ 770,788 $12,326 $ 83,654 $ 4,342,187 $ 2,281,740 $ 7,490,695
Current liabilities:
Accounts payable and accrued expenses .... $ 405,303 $ — $ — $ 480,372 $ (8,081) $ 877,594
Accrued interest . . . ................. 25,920 — — 50,543 — 76,463
Due to subsidiary/affiliates . . . .......... — 12,481 477 15,497 (28,455) —
Deferred revenue . . ................. 557,392 — — 419,707 8,081 985,180
Current portion of long-term debt ........ 4,244 — — 355,739 39,743 399,726
Due to related parties ................ 23,018 — — 83,930 (38,575) 68,373
Total current liabilities .............. 1,015,877 12,481 477 1,405,788 (27,287) 2,407,336
Long-term debt, net of current portion. . . .... 1,163,961 — — 1,439,102 248,677 2,851,740
Deferred revenue, net of current portion . .... 116,634 — — 131,255 — 247,889
Deferred credit on contracts .............. — — — 1,037,190 — 1,037,190
Deferred tax liability . ................. 4,990 — 14,761 886,475 (11,773) 894,453
Other long-term liabilities ............... 7,225 — — 36,325 — 43,550
Total liabilities . . ................. 2,308,687 12,481 15,238 4,936,135 209,617 7,482,158
Commitments and contingencies
Minority interest ..................... — — — — — —
Stockholders’ equity (deficit):
Preferred stock ..................... 25 — — — — 25
Capital stock ...................... 3,652 — — — — 3,652
Accumulated other comprehensive income . . (7,871) — — (7,871) 7,871 (7,871)
Additional paid-in-capital.............. 9,724,991 — 83,654 5,870,502 (5,954,156) 9,724,991
Retained earnings (deficit) . . . .......... (11,258,696) (155) (15,238) (6,456,579) 8,018,408 (9,712,260)
Total stockholders’ equity (deficit) . . .... (1,537,899) (155) 68,416 (593,948) 2,072,123 8,537
Total liabilities and stockholders’equity
(deficit) ...................... $ 770,788 $12,326 $ 83,654 $ 4,342,187 $ 2,281,740 $ 7,490,695
F-45
SIRIUS XM RADIO INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)