XM Radio 2001 Annual Report Download - page 33

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FiNANCiALS 2001
SELECTED CONSOLiDATED FiNANCiAL DATA
(In thousands, except subscriber and share amounts)
Consolidated Statements of Operations Data:
Subscriber revenue ................................................ $ —$—$—$—$ 246
Ad sales revenue .................................................... — — ——294
Less: Agency commissions ................................ — — ——(43)
Other revenue ........................................................ — — ——36
Total revenue. ....................................................$ —$—$—$—$ 533
Operating expenses:
Broadcasting operations:
Content/ programming .................................... —(664 ) (1,01 4) (6,878 ) (27,9 24)
System operations.......................................... —(1,145 ) (2,87 7) (23,2 27 ) (67,571 )
Customer care and billing operations .............. — — —(856 ) (6,034 )
Sales and marketing .......................................... —(1,523) (3,35 2) (16,0 78 ) (99,789)
General and administrative .................................. (1,11 0) (5,327) (14,496 ) (16,6 24 ) (24 ,5 95 )
Research and development. ................................ —(7 ,4 77 ) (7,44 0) (12,7 01 ) (14,255 )
Depreciation and amortization ............................ —(57) (1,51 2) (3,115 ) (41,971)
Total operating expenses ................................ (1,110) (16,1 93) (30,69 1) (79,479 ) (282 ,1 39 )
Operating loss........................................................ (1,110 ) (16,1 93) (30,69 1) (79,4 79 ) (281 ,6 06 )
Interest income (expense), net ................................ (549 ) 26 (6,205) 27,60 6 (2,93 3)
Other income (expense), net.................................... — — ——160
Net loss ................................................................ (1,65 9) (16,167) (36,896) (51,8 73 ) (284 ,3 79)
Series B preferred stock dividend requirement .... — — —(5,93 5) (3,766)
Series C preferred stock dividend requirement ........ — — —(9,27 7) (19,3 87)
Series B preferred stock incentivized
conversion charge .............................................. — — —(11,2 11 ) —
Series C preferred stock beneficial
conversion charge .............................................. — — —(123 ,0 42 ) —
Net loss applicable to common stockholders .......... $ (1,65 9) $ (16,167) $ (36,89 6) $ (201 ,3 38 ) $ (307,53 2)
Net loss per share—basic and diluted .................... $ (0.26) $ (2.42 ) $ (2.40) $ (4.15 ) $ (5 .1 3)
Weighted average shares used in computing
net loss per share—basic and diluted .................. 6,368,166 6,689,250 15,344,102 48,508,042 59,920,196
Other Data:
EBITDA(1 ) .......................................................... $ (1,1 10) $ (16,1 36) $ (29,181) $ (76,1 10 ) $ (239 ,1 84 )
XM Subscriptions (end of period)(2 ) .................... — — ——27,733
(In thousands)
Consolidated Balance Sheets Data:
Cash, cash equivalents and short-term investments .. $ 1 $ 310 $ 120,17 0 $ 224,9 03 $ 210 ,8 52
Restricted investments............................................ — — —161,16 6 72,759
System under construction. .................................... 91,93 2 1 69 ,0 29 362,35 8 81 5,016 55,056
Property and equipment, net .................................. —1,146 2,551 50,05 2 1,0 66,19 1
Total assets .......................................................... 91 ,9 33 170,48 5 515 ,1 89 1,293 ,218 1,456,203
Total long-term debt, net of current portion .............. 82,504 14 0,3 32 212 262,66 5 4 11,520
Total liabilities......................................................... 8 2,949 177,66 8 30 ,1 72 3 37 ,2 66 529,55 2
Stockholders’ equity (deficit).................................... 8,984 (7,18 3) 485,01 7 95 5,9 52 926,65 1
(1) EBITDA means earnings (loss) before interest income and expense, other income, taxes, depreciation (including amounts related to research and development)
and amortization. We have included EBITDA data because it is a commonly used measure. EBITDA is not a measure of financial performance under generally accepted
accounting principles and should not be considered an alternative to net income (loss) as a measure of performance or to cash flows as a measure of liquidity.
(2) We consider subscribers to be those who are receiving and have agreed to pay for our service, either by credit card or by invoice; including those that are currently
in promotional periods.
Years Ended December 31,
200 1
200 0199 9199 819 9 7
Years Ended December 31,
200 1
200 0199 9199 819 9 7
31
XM SATELLiTE RADiO 2 001 Annual Report
81690_XM2001_AR_Financials 4/9/02 12:32 PM Page 13