XM Radio 2009 Annual Report Download - page 173
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for prepaid subscriptions included in the sale or lease price of vehicles are also included in subscriber revenue over
the service period, after sale or subscriber activation.
Subscriber revenue consists of the following:
2009 2008 2007
For the Years Ended December 31,
Subscription fees ................................ $2,266,809 $1,529,726 $853,832
Activation fees .................................. 21,837 23,025 20,878
Effect of rebates ................................. (1,143) (3,832) (19,777)
Total subscriber revenue ......................... $2,287,503 $1,548,919 $854,933
(7) Interest Costs
We capitalize a portion of the interest on funds borrowed to finance the construction costs of our satellites. The
following is a summary of our interest costs:
2009 2008 2007
For the Years Ended December 31,
Interest costs charged to expense ........................ $306,420 $144,833 $70,328
Interest costs capitalized ............................... 61,201 20,872 8,914
Total interest costs incurred .......................... $367,621 $165,705 $79,242
Included in interest costs incurred is non-cash interest expense, consisting of amortization related to original
issue discounts, premiums and deferred financing fees. This non-cash interest was $33,818, ($6,311) and $4,269 for
the years ended December 31, 2009, 2008 and 2007, respectively.
(8) Property and Equipment
Property and equipment, net, consists of the following:
2009 2008
December 31,
Satellite system ........................................... $1,680,732 $1,414,625
Terrestrial repeater network .................................. 108,841 109,228
Leasehold improvements .................................... 43,480 42,878
Broadcast studio equipment .................................. 49,965 49,186
Capitalized software and hardware ............................. 146,035 132,555
Satellite telemetry, tracking and control facilities .................. 55,965 56,217
Furniture, fixtures, equipment and other . . ....................... 57,536 57,995
Land ................................................... 38,411 38,411
Building ................................................ 56,424 56,392
Construction in progress..................................... 430,543 474,716
Total property and equipment ............................... 2,667,932 2,432,203
Accumulated depreciation and amortization ...................... (956,929) (728,727)
Property and equipment, net ................................ $1,711,003 $1,703,476
F-19
SIRIUS XM RADIO INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)