XM Radio 2009 Annual Report Download - page 141
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(9) The following tables reconcile our GAAP results of operations to our non-GAAP pro forma unadjusted results
of operations:
As Reported
Purchase Price
Accounting
Adjustments
Allocation of Share-
based Payment
Expense Pro Forma
Unaudited for the Three Months Ended December 31, 2009
(In thousands)
Revenue:
Subscriber revenue, including effects of rebates . . . . $588,048 $ 5,793 $ — $593,841
Advertising revenue, net of agency fees . . . . . . . . . 14,467 — — 14,467
Equipment revenue. . . . . . . . . . . . . . . . . . . . . . . . 19,008 — — 19,008
Other revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . 54,650 1,813 — 56,463
Total revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 676,173 7,606 — 683,779
Operating expenses (depreciation and amortization
shown separately below)(1)
Cost of services:
Satellite and transmission . . . . . . . . . . . . . . . . . 24,597 327 170 25,094
Programming and content . . . . . . . . . . . . . . . . . 77,297 17,361 (1,801) 92,857
Revenue share and royalties . . . . . . . . . . . . . . . . 100,355 24,172 — 124,527
Customer service and billing . . . . . . . . . . . . . . . 58,887 94 (94) 58,887
Cost of equipment . . . . . . . . . . . . . . . . . . . . . . 12,200 — — 12,200
Sales and marketing . . . . . . . . . . . . . . . . . . . . . . . 76,308 3,522 331 80,161
Subscriber acquisition costs. . . . . . . . . . . . . . . . . . 109,733 17,855 — 127,588
General and administrative . . . . . . . . . . . . . . . . . . 44,601 350 (5,843) 39,108
Engineering, design and development . . . . . . . . . . . 8,056 205 (243) 8,018
Depreciation and amortization . . . . . . . . . . . . . . . . 77,826 (20,277) — 57,549
Restructuring, impairments and related costs . . . . . . 2,640 — — 2,640
Share-based payment expense . . . . . . . . . . . . . . . . — — 7,480 7,480
Total operating expenses . . . . . . . . . . . . . . . . . . . . . 592,500 43,609 — 636,109
Income (loss) from operations . . . . . . . . . . . . . . . . 83,673 (36,003) — 47,670
Other income (expense)
Interest and investment income . . . . . . . . . . . . . . . 1,043 — — 1,043
Interest expense, net of amounts capitalized . . . . . . (66,358) (3,407) — (69,765)
Loss on extinguishment of debt and credit facilities,
net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,879) — — (3,879)
Gain on investments . . . . . . . . . . . . . . . . . . . . . . . 1,474 — — 1,474
Other income. . . . . . . . . . . . . . . . . . . . . . . . . . . . 851 — — 851
Total other expense . . . . . . . . . . . . . . . . . . . . . . . . . (66,869) (3,407) — (70,276)
Income (loss) before income taxes . . . . . . . . . . . . . 16,804 (39,410) — (22,606)
Income tax expense . . . . . . . . . . . . . . . . . . . . . . . (2,637) — — (2,637)
Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . $ 14,167 $(39,410) $ — $ (25,243)
(1) Amounts related to share-based payment expense included in operating expenses were as follows:
Satellite and transmission . . . . . . . . . . . . . . . . . $ (276) $ 106 $ — $ (170)
Programming and content . . . . . . . . . . . . . . . . . 1,646 155 — 1,801
Customer service and billing . . . . . . . . . . . . . . . — 94 — 94
Sales and marketing . . . . . . . . . . . . . . . . . . . . . (474) 143 — (331)
Subscriber acquisition costs . . . . . . . . . . . . . . . . — — — —
General and administrative . . . . . . . . . . . . . . . . 5,493 350 — 5,843
Engineering, design and development . . . . . . . . . 38 205 — 243
Total share-based payment expense. . . . . . . . . . . $ 6,427 $ 1,053 $ — $ 7,480
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