XM Radio 2009 Annual Report Download - page 142
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As Reported
Purchase Price
Accounting
Adjustments(a)
Allocation of Share-
based Payment
Expense Pro Forma
Unaudited for the Three Months Ended December 31, 2008
(In thousands)
Revenue:
Subscriber revenue, including effects of rebates . . . . $ 568,523 $ 20,099 $ — $ 588,622
Advertising revenue, net of agency fees . . . . . . . . . 15,776 — — 15,776
Equipment revenue . . . . . . . . . . . . . . . . . . . . . . . 30,712 — — 30,712
Other revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,172 1,826 — 8,998
Total revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 622,183 21,925 — 644,108
Operating expenses (depreciation and amortization
shown separately below)(1)
Cost of services:
Satellite and transmission . . . . . . . . . . . . . . . . . 24,481 (214) (1,416) 22,851
Programming and content . . . . . . . . . . . . . . . . . 89,214 20,755 (4,754) 105,215
Revenue share and royalties. . . . . . . . . . . . . . . . 103,217 19,494 — 122,711
Customer service and billing . . . . . . . . . . . . . . . 67,818 88 (870) 67,036
Cost of equipment . . . . . . . . . . . . . . . . . . . . . . 18,084 — — 18,084
Sales and marketing . . . . . . . . . . . . . . . . . . . . . . . 80,699 3,312 (2,299) 81,712
Subscriber acquisition costs . . . . . . . . . . . . . . . . . 113,512 19,219 — 132,731
General and administrative . . . . . . . . . . . . . . . . . . 64,586 306 (13,301) 51,591
Engineering, design and development. . . . . . . . . . . 12,404 281 (2,305) 10,380
Impairment of goodwill . . . . . . . . . . . . . . . . . . . . 15,331 (15,331) — —
Depreciation and amortization . . . . . . . . . . . . . . . . 82,958 (33,439) — 49,519
Restructuring, impairments and related costs . . . . . . 2,977 — — 2,977
Share-based payment expense . . . . . . . . . . . . . . . . — — 24,945 24,945
Total operating expenses . . . . . . . . . . . . . . . . . . . . . 675,281 14,471 — 689,752
(Loss) income from operations . . . . . . . . . . . . . . . (53,098) 7,454 — (45,644)
Other income (expense)
Interest and investment income . . . . . . . . . . . . . . . (90) — — (90)
Interest expense, net of amounts capitalized . . . . . . (61,196) (10,078) — (71,274)
Loss on extinguishment of debt and credit facilities,
net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (98,203) — — (98,203)
Loss on investments . . . . . . . . . . . . . . . . . . . . . . . (27,418) — — (27,418)
Other expense . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,664) — — (5,664)
Total other expense . . . . . . . . . . . . . . . . . . . . . . . . . (192,571) (10,078) — (202,649)
Loss before income taxes . . . . . . . . . . . . . . . . . . . (245,669) (2,624) — (248,293)
Income tax expense . . . . . . . . . . . . . . . . . . . . . . . (175) — — (175)
Net loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(245,844) $ (2,624) $ — $(248,468)
(1) Amounts related to share-based payment expense included in operating expenses were as follows:
Satellite and transmission . . . . . . . . . . . . . . . . . $ 1,349 $ 67 $ — $ 1,416
Programming and content . . . . . . . . . . . . . . . . . 4,672 82 — 4,754
Customer service and billing . . . . . . . . . . . . . . . 783 87 — 870
Sales and marketing . . . . . . . . . . . . . . . . . . . . . 2,165 134 — 2,299
General and administrative . . . . . . . . . . . . . . . . 12,995 306 — 13,301
Engineering, design and development . . . . . . . . . 2,023 282 — 2,305
Total share-based payment expense . . . . . . . . . . $ 23,987 $ 958 $ — $ 24,945
(a) Includes impairment of goodwill.
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