XM Radio 2008 Annual Report Download - page 96

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SIRIUS XM RADIO INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEETS
AS OF DECEMBER 31, 2007
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 . . . . . . . . . . . $ 430,225 $ — $ — $ 8,595 $ — $ 438,820
Accounts receivable, net . . . . . . . . . . . . 104,072 — — — — 104,072
Due from subsidiaries/affiliates . . . . . . . . 24,794 — — — (24,794) —
Inventory, net. . . . . . . . . . . . . . . . . . . . 29,537 — — — — 29,537
Prepaid expenses . . . . . . . . . . . . . . . . . 31,392 — — — — 31,392
Related party current assets . . . . . . . . . . 2,161 — — — — 2,161
Restricted investments . . . . . . . . . . . . . . 35,000 — — — — 35,000
Prepaid and other current assets . . . . . . . 25,779 — — 12,096 — 37,875
Total current assets . . . . . . . . . . . . . . 682,960 — — 20,691 (24,794) 678,857
Property and equipment, net . . . . . . . . . . . 801,446 4,817 — — — 806,263
Investment in subsidiary/affiliates . . . . . . . . 58,222 — — — (58,222) —
FCC license . . . . . . . . . . . . . . . . . . . . . . — — 83,654 — — 83,654
Restricted investments, net of current
portion . . . . . . . . . . . . . . . . . . . . . . . . 18,000 — — — — 18,000
Deferred financing fees, net . . . . . . . . . . . . 13,864 — — — — 13,864
Intangibles, net . . . . . . . . . . . . . . . . . . . . — — — — — —
Related party current assets, net of current
portion . . . . . . . . . . . . . . . . . . . . . . . . 3,237 — — — — 3,237
Prepaid and other assets, net of current
portion . . . . . . . . . . . . . . . . . . . . . . . . 90,274 — — — — 90,274
Total assets . . . . . . . . . . . . . . . . . . . $ 1,668,003 $4,817 $ 83,654 $ 20,691 $(83,016) $ 1,694,149
Current liabilities:
Accounts payable and accrued expenses . . $ 464,960 $ — $ — $ 13,374 $(13,391) $ 464,943
Accrued interest . . . . . . . . . . . . . . . . . . 24,772 — — — — 24,772
Due to subsidiary/affiliates . . . . . . . . . . . — 4,900 477 19,417 (24,794) —
Deferred revenue . . . . . . . . . . . . . . . . . 534,939 — — — 13,391 548,330
Current portion of long-term debt . . . . . . 35,801 — — — — 35,801
Due to related parties . . . . . . . . . . . . . . 1,148 — — — — 1,148
Total current liabilities . . . . . . . . . . . . 1,061,620 4,900 477 32,791 (24,794) 1,074,994
Long-term debt, net of current portion. . . . . 1,278,617 — — — — 1,278,617
Deferred revenue, net of current portion . . . 110,525 — — — — 110,525
Deferred tax liability . . . . . . . . . . . . . . . . — — 12,771 — — 12,771
Other long-term liabilities . . . . . . . . . . . . . 9,979 — — — — 9,979
Total liabilities . . . . . . . . . . . . . . . . . 2,460,741 4,900 13,248 32,791 (24,794) 2,486,886
Commitments and contingencies
Stockholders’ equity (deficit):
Capital stock . . . . . . . . . . . . . . . . . . . . 1,471 — — — — 1,471
Accumulated other comprehensive
income . . . . . . . . . . . . . . . . . . . . . . — — — — — —
Additional paid-in-capital . . . . . . . . . . . 3,604,764 — 83,654 — (83,654) 3,604,764
Retained earnings (deficit) . . . . . . . . . . . (4,398,973) (83) (13,248) (12,100) 25,432 (4,398,972)
Total stockholders’ equity (deficit) . . . . (792,738) (83) 70,406 (12,100) (58,222) (792,737)
Total liabilities and stockholders’
equity (deficit). . . . . . . . . . . . . . . . $ 1,668,003 $4,817 $ 83,654 $ 20,691 $(83,016) $ 1,694,149
F-46
SIRIUS XM RADIO INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)