XM Radio 2010 Annual Report Download - page 95

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SIRIUS XM RADIO INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
2010 2009 2008
For the Years Ended December 31,
(In thousands)
Cash flows from operating activities:
Net income (loss) .................................................. $ 43,055 $(352,038) $(5,316,910)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating
activities:
Depreciation and amortization ........................................ 273,691 309,450 203,752
Impairment of goodwill . . . ......................................... — — 4,766,190
Non-cash interest expense, net of amortization of premium ..................... 42,841 43,066 (2,689)
Provision for doubtful accounts . . . .................................... 32,379 30,602 21,589
Restructuring, impairments and related costs .............................. 66,731 26,964 —
Amortization of deferred income related to equity method investment . . . ........... (2,776) (2,776) (1,156)
Loss on extinguishment of debt and credit facilities, net . . ..................... 120,120 267,646 98,203
Loss on investments, net . . ......................................... 11,722 13,664 28,999
Loss on disposal of assets . . ......................................... 1,017 — 4,879
Share-based payment expense ........................................ 60,437 73,981 87,405
Deferred income taxes ............................................. 2,308 5,981 2,476
Other non-cash purchase price adjustments. ............................... (250,727) (202,054) (68,330)
Other ........................................................ — — 1,643
Changes in operating assets and liabilities:
Accounts receivable ............................................. (39,236) (42,158) (32,121)
Receivables from distributors . . . .................................... (11,023) (2,788) 14,401
Inventory . ................................................... (5,725) 8,269 8,291
Related party assets ............................................. (9,803) 15,305 (22,249)
Prepaid expenses and other current assets ............................... 75,374 10,027 (19,953)
Other long-term assets . . ......................................... 17,671 86,674 (5,490)
Accounts payable and accrued expenses . ............................... 5,420 (46,645) (83,037)
Accrued interest . .............................................. (884) 2,429 23,081
Deferred revenue . .............................................. 133,444 93,578 79,090
Related party liabilities . . ......................................... (53,413) 50,172 28,890
Other long-term liabilities ......................................... 272 44,481 30,249
Net cash provided by (used in) operating activities . . ..................... 512,895 433,830 (152,797)
Cash flows from investing activities:
Additions to property and equipment . .................................... (311,868) (248,511) (130,551)
Sales of property and equipment ........................................ — — 105
Purchases of restricted and other investments . ............................... — — (3,000)
Acquisition of acquired entity cash . . .................................... — — 819,521
Merger related costs . . .............................................. — — (23,519)
Sale of restricted and other investments ................................... 9,454 — 65,869
Net cash (used in) provided by investing activities. . . ..................... (302,414) (248,511) 728,425
Cash flows from financing activities:
Proceeds from exercise of warrants and stock options .......................... 10,839 — 471
Preferred stock issuance, net of costs . .................................... — (3,712) —
Long-term borrowings, net of costs . . .................................... 1,274,707 582,612 531,743
Related party long-term borrowings, net of costs . . . .......................... 196,118 362,593 —
Payment of premiums on redemption of debt . ............................... (84,326) (17,075) (18,693)
Payments to noncontrolling interest . . .................................... — — (61,880)
Repayment of long-term borrowings . .................................... (1,262,396) (755,447) (1,085,643)
Repayment of related party long-term borrowings . . . .......................... (142,221) (351,247) —
Net cash used in financing activities . . ............................... (7,279) (182,276) (634,002)
Net increase (decrease) in cash and cash equivalents. . . .......................... 203,202 3,043 (58,374)
Cash and cash equivalents at beginning of period ............................... 383,489 380,446 438,820
Cash and cash equivalents at end of period ................................... $ 586,691 $ 383,489 $ 380,446
See accompanying notes to the consolidated financial statements.
F-7