XM Radio 2009 Annual Report Download - page 178
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purchaser of a Honda or Acura vehicle that becomes a self-paying XM subscriber and shares with American Honda
a portion of the subscriber revenue attributable to Honda and Acura vehicles with installed XM radios.
We recorded the following total revenue from GM and American Honda, primarily consisting of subscriber
revenue, in connection with the agreements above:
2009 2008 2007
For the Years Ended
December 31,
GM................................................... $31,037 $16,803 $—
American Honda ......................................... 12,254 7,504 —
Total ................................................ $43,291 $24,307 $—
We have incurred the following expenses with GM and American Honda:
GM
American
Honda GM
American
Honda GM
American
Honda
2009 2008 2007
For the Years Ended December 31,
Sales and marketing ........... $ 31,595 $ 500 $16,115 $ 815 $— $—
Revenue share and royalties ..... 58,992 6,541 36,305 2,051 — —
Subscriber acquisition costs ...... 34,895 5,397 30,975 3,433 — —
Customer service and billing ..... 268 — 119 — — —
Interest expense, net of amounts
capitalized ................ 4,644 — 51 — — —
Total ..................... $130,394 $12,438 $83,565 $6,299 $— $—
(10) Investments
Investments consist of the following:
2009 2008
December 31,
Investment in SIRIUS Canada .................................... $ — $ —
Investment in XM Canada ....................................... 2,390 8,873
Investment in XM Canada debentures .............................. 2,970 2,542
Auction rate certificates......................................... 8,556 7,985
Restricted investments .......................................... 3,400 141,250
Total investments............................................ $17,316 $160,650
Canadian Investments
Our investments in SIRIUS Canada and XM Canada (“Canadian Investments”) are recorded using the equity
method since we have a significant influence, but less than a controlling voting interest in our Canadian
Investments. Under this method, our investments in the Canadian Investments, originally recorded at cost, are
adjusted quarterly to recognize our proportionate share of net earnings or losses as they occur, rather than at the time
dividends or other distributions are received, limited to the extent of our investment in, advances to and
commitments to fund our Canadian Investments. We have a 49.9% economic interest in SIRIUS Canada and a
23.33% economic interest in XM Canada.
F-24
SIRIUS XM RADIO INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)