XM Radio 2009 Annual Report Download - page 159
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SIRIUS XM RADIO INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
2009 2008 2007
For the Years Ended December 31,
(In thousands, except per share data)
Revenue:
Subscriber revenue, including effects of rebates . . . . . . . . . . . . . . . . . . . . . $2,287,503 $ 1,548,919 $ 854,933
Advertising revenue, net of agency fees . . . . . . . . . . . . . . . . . . . . . . . . . . . 51,754 47,190 34,192
Equipment revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,352 56,001 29,281
Other revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83,029 11,882 3,660
Total revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,472,638 1,663,992 922,066
Operating expenses (depreciation and amortization shown separately below)(1):
Cost of services:
Satellite and transmission . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84,033 59,279 27,907
Programming and content . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 308,121 312,189 236,059
Revenue share and royalties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 397,210 280,852 146,715
Customer service and billing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 234,456 165,036 93,817
Cost of equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,188 46,091 35,817
Sales and marketing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 228,956 231,937 183,213
Subscriber acquisition costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 340,506 371,343 407,642
General and administrative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 227,554 213,142 155,863
Engineering, design and development . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,031 40,496 41,343
Impairment of goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 4,766,190 —
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 309,450 203,752 106,780
Restructuring, impairments and related costs . . . . . . . . . . . . . . . . . . . . . . . 32,807 10,434 —
Total operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,244,312 6,700,741 1,435,156
Income (loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 228,326 (5,036,749) (513,090)
Other income (expense):
Interest and investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,645 9,079 20,570
Interest expense, net of amounts capitalized . . . . . . . . . . . . . . . . . . . . . . . . (306,420) (144,833) (70,328)
Loss on extinguishment of debt and credit facilities, net . . . . . . . . . . . . . . . (267,646) (98,203) —
Gain (loss) on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,931 (30,507) —
Other income (expense) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,355 (9,599) 31
Total other expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (565,135) (274,063) (49,727)
Loss before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (336,809) (5,310,812) (562,817)
Income tax expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,981) (2,476) (2,435)
Net loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (342,790) (5,313,288) (565,252)
Preferred stock beneficial conversion feature . . . . . . . . . . . . . . . . . . . . . . . (186,188) — —
Net loss attributable to common stockholders . . . . . . . . . . . . . . . . . . . . . $ (528,978) $(5,313,288) $ (565,252)
Net loss per common share (basic and diluted) . . . . . . . . . . . . . . . . . . . . . . . $ (0.15) $ (2.45) $ (0.39)
Weighted average common shares outstanding (basic and diluted) . . . . . . . . . . 3,585,864 2,169,489 1,462,967
(1) Amounts related to share-based payment expense included in operating expenses were as follows:
Satellite and transmission . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,745 $ 4,236 $ 2,198
Programming and content . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,064 12,148 9,643
Customer service and billing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,051 1,920 708
Sales and marketing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,608 13,541 15,607
Subscriber acquisition costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 14 2,843
General and administrative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,634 49,354 44,317
Engineering, design and development. . . . . . . . . . . . . . . . . . . . . . . . . . . 4,879 6,192 3,584
Total share-based payment expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 73,981 $ 87,405 $ 78,900
See accompanying Notes to the consolidated financial statements.
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