XM Radio 2010 Annual Report Download - page 92

SIRIUS XM RADIO INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
2010 2009
As of December 31,
(In thousands, except share and per share data)
ASSETS
Current assets:
Cash and cash equivalents . .................................................. $ 586,691 $ 383,489
Accounts receivable, net. . . .................................................. 121,658 113,580
Receivables from distributors ................................................. 67,576 48,738
Inventory, net ............................................................ 21,918 16,193
Prepaid expenses . . ....................................................... 134,994 100,273
Related party current assets .................................................. 6,719 106,247
Deferred tax asset . . ....................................................... 44,787 72,640
Other current assets. ....................................................... 7,432 18,620
Total current assets . . . .................................................. 991,775 859,780
Property and equipment, net . . .................................................. 1,761,274 1,711,003
Long-term restricted investments ................................................. 3,396 3,400
Deferred financing fees, net . . .................................................. 54,135 66,407
Intangible assets, net . ....................................................... 2,629,200 2,695,115
Goodwill ................................................................ 1,834,856 1,834,856
Related party long-term assets .................................................. 30,162 111,767
Other long-term assets ....................................................... 78,288 39,878
Total assets . ....................................................... $ 7,383,086 $ 7,322,206
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses . . ........................................ $ 593,174 $ 543,686
Accrued interest . . . ....................................................... 72,453 74,566
Current portion of deferred revenue ............................................. 1,201,346 1,083,430
Current portion of deferred credit on executory contracts . .............................. 271,076 252,831
Current maturities of long-term debt ............................................. 195,815 13,882
Related party current liabilities . . . ............................................. 15,845 108,246
Total current liabilities ................................................. 2,349,709 2,076,641
Deferred revenue ........................................................... 273,973 255,149
Deferred credit on executory contracts ............................................. 508,012 784,078
Long-term debt ............................................................ 2,695,856 2,799,702
Long-term related party debt . .................................................. 325,907 263,579
Deferred tax liability . ....................................................... 914,637 940,182
Related party long-term liabilities . . . ............................................. 24,517 46,301
Other long-term liabilities . . . .................................................. 82,839 61,052
Total liabilities ...................................................... 7,175,450 7,226,684
Commitments and contingencies (Note 15)
Stockholders’ equity:
Preferred stock, par value $0.001; 50,000,000 authorized at December 31, 2010 and 2009:
Series A convertible preferred stock (liquidation preference of $0 at December 31, 2010 and $51,370
at December 31, 2009); no shares issued and outstanding at December 31, 2010 and
24,808,959 shares issued and outstanding at December 31, 2009 . . . .................... — 25
Convertible perpetual preferred stock, series B (liquidation preference of $13 at December 31, 2010
and 2009); 12,500,000 shares issued and outstanding at December 31, 2010 and 2009 ......... 13 13
Convertible preferred stock, series C junior; no shares issued and outstanding at December 31, 2010
and 2009, respectively . .................................................. — —
Common stock, par value $0.001; 9,000,000,000 shares authorized at December 31, 2010 and 2009;
3,933,195,112 and 3,882,659,087 shares issued and outstanding at December 31, 2010 and 2009,
respectively ........................................................... 3,933 3,882
Accumulated other comprehensive loss, net of tax . ................................... (5,861) (6,581)
Additional paid-in capital . . .................................................. 10,420,604 10,352,291
Accumulated deficit ....................................................... (10,211,053) (10,254,108)
Total stockholders’ equity . . ............................................. 207,636 95,522
Total liabilities and stockholders’ equity . . ................................... $ 7,383,086 $ 7,322,206
See accompanying notes to the consolidated financial statements.
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