XM Radio 2015 Annual Report Download - page 98

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(in thousands) 2015 2014 2013
For the Years Ended December 31,
Cash flows from operating activities:
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 509,724 $ 493,241 $ 377,215
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . 272,214 266,423 253,314
Non-cash interest expense, net of amortization of
premium. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,872 21,039 21,698
Provision for doubtful accounts . . . . . . . . . . . . . . . . . . . 47,237 44,961 39,016
Amortization of deferred income related to equity
method investment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,776) (2,776) (2,776)
Loss on extinguishment of debt and credit
facilities, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 190,577
Gain on unconsolidated entity investments, net . . . . — (5,547) (5,865)
Dividend received from unconsolidated entity
investment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,788 17,019 22,065
Loss on disposal of assets . . . . . . . . . . . . . . . . . . . . . . . 7,384 — —
Loss on change in value of derivatives. . . . . . . . . . . . — 34,485 20,393
Share-based payment expense . . . . . . . . . . . . . . . . . . . 84,310 78,212 68,876
Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . 365,499 327,461 259,787
Other non-cash purchase price adjustments . . . . . . . (1,394) (3,781) (207,854)
Changes in operating assets and liabilities:
Receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (61,440) (72,628) (15,245)
Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,898) (5,534) 11,474
Related party, net . . . . . . . . . . . . . . . . . . . . . . . . . . . (14,953) (4,303) 40
Prepaid expenses and other current assets . . . (67,204) (1,195) 16,788
Other long-term assets. . . . . . . . . . . . . . . . . . . . . . . (130,741) 3,393 3,324
Accounts payable and accrued expenses . . . . . 52,696 (17,191) (44,009)
Accrued interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,215 38,355 8,131
Deferred revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . 145,242 48,645 73,593
Other long-term liabilities . . . . . . . . . . . . . . . . . . . . . 7,276 (7,035) 12,290
Net cash provided by operating activities . 1,244,051 1,253,244 1,102,832
Cash flows from investing activities:
Additions to property and equipment . . . . . . . . . . . . . . . . . . (134,892) (121,646) (173,617)
Purchases of restricted and other investments . . . . . . . . . (3,966) — (1,719)
Acquisition of business, net of cash acquired . . . . . . . . . . — 1,144 (525,352)
Return of capital from investment in unconsolidated
entity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 24,178 —
Net cash used in investing activities . . . . . . (138,858) (96,324) (700,688)
See accompanying notes to the consolidated financial statements.
F-7
SIRIUS XM HOLDINGS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS