XM Radio 2009 Annual Report Download - page 148
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As Reported
Predecessor
Financial
Information
Allocation of
Share-based
Payment Expense Pro Forma
Unaudited for the Year Ended December 31, 2007
(In thousands)
Revenue:
Subscriber revenue, including effects of rebates . . . . . . $ 854,933 $1,033,776 $ — $ 1,888,709
Advertising revenue, net of agency fees . . . . . . . . . . . . 34,192 39,148 — 73,340
Equipment revenue . . . . . . . . . . . . . . . . . . . . . . . . . . 29,281 28,333 — 57,614
Other revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,660 35,285 — 38,945
Total revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 922,066 1,136,542 — 2,058,608
Operating expenses (depreciation and amortization shown
separately below)(1)
Cost of services:
Satellite and transmission . . . . . . . . . . . . . . . . . . . . 27,907 81,036 (7,222) 101,721
Programming and content . . . . . . . . . . . . . . . . . . . . 236,059 183,900 (18,498) 401,461
Revenue share and royalties . . . . . . . . . . . . . . . . . . 146,715 256,344 — 403,059
Customer service and billing . . . . . . . . . . . . . . . . . . 93,817 126,776 (3,191) 217,402
Cost of equipment . . . . . . . . . . . . . . . . . . . . . . . . . 35,817 62,003 — 97,820
Sales and marketing . . . . . . . . . . . . . . . . . . . . . . . . . 183,213 269,930 (40,059) 413,084
Subscriber acquisition costs . . . . . . . . . . . . . . . . . . . . 407,642 259,143 (12,010) 654,775
General and administrative . . . . . . . . . . . . . . . . . . . . . 155,863 188,574 (72,606) 271,831
Engineering, design and development . . . . . . . . . . . . . 41,343 33,077 (11,513) 62,907
Depreciation and amortization . . . . . . . . . . . . . . . . . . 106,780 187,196 — 293,976
Share-based payment expense. . . . . . . . . . . . . . . . . . . — — 165,099 165,099
Total operating expenses . . . . . . . . . . . . . . . . . . . . . . . . 1,435,156 1,647,979 — 3,083,135
Loss from operations . . . . . . . . . . . . . . . . . . . . . . . . . (513,090) (511,437) — (1,024,527)
Other income (expense)
Interest and investment income . . . . . . . . . . . . . . . . . . 20,570 14,084 — 34,654
Interest expense, net of amounts capitalized . . . . . . . . . (70,328) (116,605) — (186,933)
Loss on extinguishment of debt and credit facilities,
net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (3,693) — (3,693)
Loss on investments . . . . . . . . . . . . . . . . . . . . . . . . . — (56,156) — (56,156)
Other income (expense) . . . . . . . . . . . . . . . . . . . . . . . 31 (9,513) — (9,482)
Total other expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . (49,727) (171,883) — (221,610)
Loss before income taxes . . . . . . . . . . . . . . . . . . . . . . (562,817) (683,320) — (1,246,137)
Income tax expense . . . . . . . . . . . . . . . . . . . . . . . . . . (2,435) 939 — (1,496)
Net loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (565,252) $ (682,381) $ — $(1,247,633)
(1) Amounts related to share-based payment expense included in operating expenses were as follows:
Satellite and transmission . . . . . . . . . . . . . . . . . . . . $ 2,198 $ 5,024 $ — $ 7,222
Programming and content . . . . . . . . . . . . . . . . . . . . 9,643 8,855 — 18,498
Customer service and billing . . . . . . . . . . . . . . . . . . 708 2,483 — 3,191
Sales and marketing . . . . . . . . . . . . . . . . . . . . . . . . 15,607 24,452 — 40,059
Subscriber acquisition costs . . . . . . . . . . . . . . . . . . 2,843 9,167 — 12,010
General and administrative . . . . . . . . . . . . . . . . . . . 44,317 28,289 — 72,606
Engineering, design and development. . . . . . . . . . . . 3,584 7,929 — 11,513
Total share-based payment expense . . . . . . . . . . . . . $ 78,900 $ 86,199 $ — $ 165,099
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