XM Radio 2009 Annual Report Download - page 140
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The reconciliation of the pro forma unadjusted net income (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) (in thousands):
2009 2008 2007
For the Three Months Ended December 31,
Unaudited Pro Forma
Reconciliation of Net loss to Adjusted income (loss) from
operations:
Net loss ....................................... $(25,243) $(248,468) $(405,041)
Add back Net loss items excluded from Adjusted income
(loss) from operations:
Interest and investment income ...................... (1,043) 90 (6,978)
Interest expense, net of amounts capitalized ............ 69,765 71,274 48,703
Income tax expense .............................. 2,637 175 901
Loss on extinguishment of debt and credit facilities, net . . . 3,879 98,203 728
(Gain) loss on investments ......................... (1,474) 27,418 3,768
Other (income) expense ........................... (851) 5,664 5,834
Income (loss) from operations ..................... 47,670 (45,644) (352,085)
Restructuring, impairments and related costs ............ 2,640 2,977 —
Depreciation and amortization ...................... 57,549 49,519 75,045
Share-based payment expense ....................... 7,480 24,945 52,897
Adjusted income (loss) from operations ................. $115,339 $ 31,797 $(224,143)
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 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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