XM Radio 2009 Annual Report Download - page 144
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(10) ARPU is calculated as follows (in thousands, except for subscriber and per subscriber amounts):
2009 2008 2007
For the Years Ended December 31,
Unaudited Pro Forma
Subscriber revenue ........................... $ 2,334,317 $ 2,258,322 $ 1,888,709
Net advertising revenue . ...................... 51,754 69,933 73,340
Total subscriber and net advertising revenue ...... $ 2,386,071 $ 2,328,255 $ 1,962,049
Daily weighted average number of subscribers ...... 18,529,696 18,373,274 15,342,041
ARPU .................................... $ 10.73 $ 10.56 $ 10.66
(11) SAC, as adjusted, per gross subscriber addition is calculated as follows (in thousands, except for subscriber
and per subscriber amounts):
2009 2008 2007
For the Years Ended December 31,
Unaudited Pro Forma
Subscriber acquisition cost ........................ $ 401,670 $ 577,140 $ 666,785
Less: share-based payment expense granted to third
parties and employees ......................... — (14) (12,010)
(Less) Add: margin from direct sales of radios and
accessories .................................. (10,164) (3,294) 40,206
SAC, as adjusted ............................... $ 391,506 $ 573,832 $ 694,981
Gross subscriber additions ........................ 6,208,482 7,710,306 8,077,674
SAC, as adjusted, per gross subscriber addition ......... $ 63 $ 74 $ 86
(12) Customer service and billing expenses, as adjusted, per average subscriber is calculated as follows (in
thousands, except for subscriber and per subscriber amounts):
2009 2008 2007
For the Years Ended December 31,
Unaudited Pro Forma
Customer service and billing expenses ............ $ 234,909 $ 248,176 $ 220,593
Less: share-based payment expense ............... (2,504) (3,981) (3,191)
Customer service and billing expenses, as adjusted . . . $ 232,405 $ 244,195 $ 217,402
Daily weighted average number of subscribers ...... 18,529,696 18,373,274 15,342,041
Customer service and billing expenses, as adjusted,
per average subscriber. ...................... $ 1.05 $ 1.11 $ 1.18
(13) Free cash flow is calculated as follows (in thousands):
2009 2008 2007
For the Years Ended December 31,
Unaudited Pro Forma
Net cash provided by (used in) operating activities ........ $433,830 $(403,883) $(303,496)
Additions to property and equipment ................... (248,511) (161,394) (198,602)
Merger related costs ............................... — (23,519) (29,444)
Restricted and other investment activity................. — 37,025 26,673
Free cash flow ................................... $185,319 $(551,771) $(504,869)
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