XM Radio 2009 Annual Report Download - page 162

SIRIUS XM RADIO INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
2009 2008 2007
For the Years Ended December 31,
(In thousands)
Cash flows from operating activities:
Net loss . . . ...................................................... $(342,790) $(5,313,288) $(565,252)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization . . ....................................... 309,450 203,752 106,780
Impairment of goodwill . ............................................ — 4,766,190 —
Non-cash interest expense, net of amortization of premium . . . ................... 33,818 (6,311) 4,269
Provision for doubtful accounts . ....................................... 30,602 21,589 9,002
Amortization of deferred income related to equity method investment . .............. (2,776) (1,156) —
Loss on extinguishment of debt and credit facilities, net ........................ 267,646 98,203 —
Restructuring, impairments and related costs . . . ............................. 26,964 — —
Loss (gain) on disposal of assets ....................................... — 4,879 (428)
Loss on investments................................................ 13,664 28,999 —
Share-based payment expense . . ....................................... 73,981 87,405 78,900
Deferred income taxes . . ............................................ 5,981 2,476 2,435
Other non-cash purchase price adjustments ................................. (202,054) (68,330) —
Other . . . ...................................................... — 1,643 —
Changes in operating assets and liabilities:
Accounts receivable . . ............................................ (42,158) (32,121) (28,881)
Inventory ..................................................... 8,269 8,291 4,965
Receivables from distributors . ....................................... (2,788) 14,401 (13,179)
Related party assets . . ............................................ 15,305 (22,249) (1,241)
Prepaid expenses and other current assets . . . ............................. 10,027 (19,953) 11,118
Other long-term assets ............................................ 86,674 (5,490) 13,691
Accounts payable and accrued expenses ................................. (46,645) (83,037) 52,492
Accrued interest................................................. 2,429 23,081 (8,920)
Deferred revenue ................................................ 89,144 73,334 183,582
Related party liabilities ............................................ 54,606 34,646 —
Other long-term liabilities . . . ....................................... 44,481 30,249 1,901
Net cash provided by (used in) operating activities ........................ 433,830 (152,797) (148,766)
Cash flows from investing activities:
Additions to property and equipment ...................................... (248,511) (130,551) (65,264)
Sales of property and equipment . . ....................................... — 105 641
Purchases of restricted and other investments ................................. — (3,000) (310)
Acquisition of acquired entity cash ....................................... — 819,521 —
Merger related costs ................................................. — (23,519) (29,444)
Sale of restricted and other investments. . . .................................. — 65,869 40,191
Net cash (used in) provided by investing activities . ........................ (248,511) 728,425 (54,186)
Cash flows from financing activities:
Proceeds from exercise of warrants and stock options . . . ........................ — 471 4,097
Preferred stock issuance costs, net of costs .................................. (3,712) — —
Long-term borrowings, net of costs ....................................... 582,612 531,743 244,879
Related party long-term borrowings, net of costs . . ............................. 362,593 — —
Payment of premiums on redemption of debt ................................. (17,075) (18,693) —
Payments to noncontrolling interest ....................................... — (61,880) —
Repayment of long-term borrowings ....................................... (755,447) (1,085,643) (625)
Repayment of related party long-term borrowings . ............................. (351,247) — —
Net cash (used in) provided by financing activities ........................ (182,276) (634,002) 248,351
Net increase (decrease) in cash and cash equivalents . ............................. 3,043 (58,374) 45,399
Cash and cash equivalents at beginning of period . . . ............................. 380,446 438,820 393,421
Cash and cash equivalents at end of period . . .................................. $383,489 $ 380,446 $ 438,820
Supplemental Disclosure of Cash and Non-Cash Flow Information Cash paid during the
period for:
Interest, net of amounts capitalized ....................................... $257,328 $ 137,542 $ 66,266
Non-cash investing and financing activities:
Share-based payments in satisfaction of accrued compensation. . . ................... 31,291 8,729 7,949
Common stock issued in exchange of 31⁄2% Convertible Notes due 2008, including accrued
interest . . ...................................................... — 33,502 3,182
Common stock issued in exchange of 21⁄2% Convertible Notes due 2009, including accrued
interest . . ...................................................... 18,000 209,113 2
Structuring fee on 10% Senior PIK Secured Notes due 2011 ....................... 5,918 — —
Preferred stock issued to Liberty Media . . .................................. 227,716 — —
Release of restricted investments . . ....................................... 137,850 — —
Common stock issued to third parties ...................................... — — 82,941
Equity issued in the acquisition of XM . . . .................................. — 5,784,976 —
In-orbit satellite performance incentives . . .................................. 14,905 — —
See accompanying Notes to the consolidated financial statements.
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