XM Radio 2015 Annual Report Download - page 90

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(in thousands, except per share data) 2015 2014 2013(1) 2012(2) 2011
As of and for the Years Ended December 31,
Statements of Comprehensive
Income Data:
Total revenue . . . . . . . . . . . . . . . . . . $4,570,058 $4,181,095 $3,799,095 $3,402,040 $3,014,524
Net income . . . . . . . . . . . . . . . . . . . . $ 509,724 $ 493,241 $ 377,215 $3,472,702 $ 426,961
Net income per share—basic . . . $ 0.09 $ 0.09 $ 0.06 $ 0.55 $ 0.07
Net income per share—diluted . . $ 0.09 $ 0.08 $ 0.06 $ 0.51 $ 0.07
Weighted average common
shares outstanding—basic . . . . 5,375,707 5,788,944 6,227,646 4,209,073 3,744,606
Weighted average common
shares outstanding—diluted. . . 5,435,166 5,862,020 6,384,791 6,873,786 6,500,822
Cash dividends declared per
share. . . . . . . . . . . . . . . . . . . . . . . . $ — $ — $ — $ 0.05 $ —
Balance Sheet Data:
Cash and cash equivalents . . . . . $ 111,838 $ 147,724 $ 134,805 $ 520,945 $ 773,990
Restricted investments . . . . . . . . . $ 9,888 $ 5,922 $ 5,718 $ 3,999 $ 3,973
Total assets(3) . . . . . . . . . . . . . . . . . . $8,046,662 $8,369,065 $8,826,959 $9,024,800 $7,452,738
Long-term debt, net of current
portion(3) . . . . . . . . . . . . . . . . . . . . . $5,443,614 $4,487,419 $3,088,701 $2,400,943 $2,969,093
Stockholders’ (deficit) equity . . . . $ (166,491) $1,309,837 $2,745,742 $4,039,565 $ 704,145
(1) The selected financial data for 2013 includes the balances and approximately two months of
activity related to the acquisition of the connected vehicle business of Agero, Inc. in November
2013.
(2) For the year ended December 31, 2012, we had an income tax benefit of $2,998,234 due to the
release of our valuation allowance. A special cash dividend was paid during 2012.
(3) The 2011 – 2015 balances reflect the adoption of Accounting Standards Update 2015-03,
Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance
Costs, and Accounting Standards Update 2015-15, Presentation and Subsequent Measurement
of Debt Issuance Costs Associated with Line-of-Credit Agreements. As a result of our adoption
of these ASUs, Total Assets was reduced by $7,155, $6,444, $17,821, $30,043 and $43,258 for
the years ended December 31, 2015, 2014, 2013, 2012 and 2011, respectively, and Long-term
debt, net of current portion, was reduced by $7,155, $6,444, $5,120, $30,043 and $43,258 for
the years ended December 31, 2015, 2014, 2013, 2012 and 2011, respectively.
QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK
As of December 31, 2015, we did not hold or issue any free-standing derivatives. We hold
investments in money market funds and certificates of deposit. These securities are consistent with
the objectives contained within our investment policy. The basic objectives of our investment policy
are the preservation of capital, maintaining sufficient liquidity to meet operating requirements and
maximizing yield.
Our debt includes fixed rate instruments and the fair market value of our debt is sensitive to
changes in interest rates. Sirius XM’s borrowings under the Credit Facility carry a variable interest
rate based on LIBOR plus an applicable rate based on its debt to operating cash flow ratio. We
currently do not use interest rate derivative instruments to manage our exposure to interest rate
fluctuations.
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE
None.
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