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XM SATELLiTE RADiO 2000 Annual Report
iNDEPENDENT AUDiTORS’ REPORT ON CONSOLiDATED FiNANCiAL
STATEMENT SCHEDULE
To the Board of Directors and Stockholders
XM Satellite Radio Holdings Inc. and Subsidiaries:
We have audited the accompanying consolidated balance sheets of XM Satellite Radio Holdings Inc. and subsidiaries
(a development stage company) as of December 31, 1999 and 2000, and the related consolidated statements
of operations, stockholder’s equity (deficit), and cash flows for each of the years in the three-year period ended
December 31, 2000, and for the period from December 15, 1992 (date of inception) to December 31, 2000.
These consolidated financial statements are the responsibility of the Company’s management. Our responsibility
is to express an opinion on these consolidated financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the United States of America.
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the
financial position of XM Satellite Radio Holdings Inc. and subsidiaries (a development stage company) as of
December 31, 1999 and 2000, and the results of their operations and their cash flows for each of the years in
the three-year period ended December 31, 2000 and for the period from December 15, 1992 (date of inception) to
December 31, 2000, in conformity with accounting principles generally accepted in the United States of America.
The accompanying consolidated financial statements have been prepared assuming that the Company will continue
as a going concern. As discussed in note 10 to the consolidated financial statements, the Company has not
commenced operations and is dependent upon additional debt or equity financing, which raises substantial doubt
about its ability to continue as a going concern. Management’s plan in regard to these matters is also described
in note 10. The consolidated financial statements do not include any adjustments that might result from the
outcome of this uncertainty.
McLean, VA
February 9, 2001
FiNANCiALS 2000
49