XM Radio 2011 Annual Report Download - page 78

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should not be considered in isolation, as a substitute for, or superior to measures of financial performance
prepared in accordance with GAAP. The reconciliation of net income (loss) to the adjusted EBITDA is
calculated as follows (in thousands):
Unaudited
For the Years Ended December 31,
2011 2010 2009
Net income (loss) (GAAP): ........................... $426,961 $ 43,055 $(352,038)
Add back items excluded from Adjusted EBITDA:
Purchase price accounting adjustments: ................
Revenues (see pages 47-49) ....................... 10,910 21,906 54,065
Operating expenses (see pages 47-49) ............... (277,258) (261,832) (240,891)
Share-based payment expense, net of purchase price
accounting adjustments .......................... 53,369 63,309 78,782
Depreciation and amortization (GAAP) ................ 267,880 273,691 309,450
Restructuring, impairments and related costs (GAAP) .... — 63,800 32,807
Interest expense, net of amounts capitalized (GAAP) ..... 304,938 295,643 315,668
Loss on extinguishment of debt and credit facilities, net
(GAAP) ...................................... 7,206 120,120 267,646
Interest and investment (income) loss (GAAP) .......... (73,970) 5,375 (5,576)
Other income (GAAP) ............................. (3,252) (3,399) (3,355)
Income tax expense (GAAP) ........................ 14,234 4,620 5,981
Adjusted EBITDA .................................. $731,018 $ 626,288 $ 462,539
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