XM Radio 2001 Annual Report Download - page 34

32 XM SATELLiTE RADiO 2 0 0 1 Annual Report
CONSOLiDATED BALANCE SHEETS
(In thousands, except share data)
ASSETS
Current assets:
Cash and cash equivalents ...................................................................................................$ 224,90 3 $ 18 2,4 97
Short-term investments ......................................................................................................... — 28,355
Restricted investments ......................................................................................................... 4 5,58 5 44,86 1
Accounts receivable, net of allowance for doubtful accounts of $ 0 and $1 0 ............................. — 478
Prepaid and other current assets ........................................................................................... 8,81 5 15 ,7 20
Total current assets ......................................................................................................... 2 79,303 2 71 ,911
Other assets:
Restricted investments, net of current portion......................................................................... 115,58 1 2 7,89 8
System under construction ................................................................................................... 815 ,0 16 55,05 6
Property and equipment, net of accumulated depreciation
and amortization of $2,33 7 and $4 3,384 ......................................................................... 50,05 2 1,066,191
Goodwill and intangibles, net of accumulated amortization of $2,5 99 and $3 ,9 74 ................... 24,0 01 22,62 6
Other assets, net of accumulated amortization of $672 and $2,16 7 ....................................... 9,265 12 ,5 21
Total assets .................................................................................................................$ 1,293,218 $ 1,45 6,20 3
LiABiLiTiES AND STOCKHOLDERS’ EQUiTY
Current liabilities:
Accounts payable .................................................................................................................$ 31 ,7 93 $ 36,55 9
Accrued expenses ............................................................................................................... 6,039 2 6,09 8
Accrued network optimization expenses (note 15 )................................................................... — 8,5 95
Current portion of long-term debt ........................................................................................... 556 1 ,9 10
Due to related parties ........................................................................................................... 15,42 9 26,05 2
Accrued interest ................................................................................................................... 1 3,397 1 5,66 4
Total current liabilities ....................................................................................................... 67,214 1 14 ,8 78
Long-term debt, net of current portion ....................................................................................... 262,66 5 4 11,5 20
Royalty payable, net of current portion ....................................................................................... 2,6 00 1 ,8 00
Other non-current liabilities ....................................................................................................... 4,787 1,354
Total liabilities ................................................................................................................... 337 ,2 66 5 29,552
Stockholders’ equity:
Series A convertible preferred stock, par value $0.01 (liquidation preference of $1 02 ,6 88);
15,000 ,0 00 shares authorized, 10,78 6,50 4 shares issued and outstanding
at December 31, 2000 and 2 001 ...................................................................................... 108 108
Series B convertible redeemable preferred stock, par value $ 0.01 (liquidation preference of
$43,36 4); 3 ,0 00 ,0 00 shares authorized, 867,2 89 shares issued and outstanding at
December 31, 200 0 and 20 01 ......................................................................................... 9 9
Series C convertible redeemable preferred stock, par value $0.01 (liquidation preference of
$244,2 77 and $2 63 ,6 64 at December 31 , 2 000 and 2 001, respectively); 2 50 ,0 00 shares
authorized, 23 5,00 0 shares issued and outstanding at December 31, 200 0 and 2001 ......... 2 2
Class A common stock, par value $0.01; 1 80,0 00 ,0 00 shares authorized, 34,073 ,9 94 and
74,482 ,1 68 shares issued and outstanding at December 31, 200 0 and 20 01 , respectively ... 341 745
Class B common stock, par value $0.01; 3 0,00 0,000 shares authorized, 16,557 ,2 62
and no shares issued and outstanding at December 31, 2000 and 2001 , respectively ......... 166 —
Class C common stock, par value $0.01; 30,000,0 00 shares authorized, no shares issued and
outstanding at December 3 1, 20 00 and 20 01 ................................................................... — —
Additional paid-in capital ....................................................................................................... 1,061,9 21 1 ,3 16 ,7 61
Accumulated deficit............................................................................................................... (106,5 95 ) (390,97 4)
Total stockholders’ equity ................................................................................................. 955 ,9 52 92 6,6 51
Commitments and contingencies (notes 1, 2, 3, 5, 10 and 15 )
Total liabilities and stockholders’ equity...............................................................................$ 1,293,218 $ 1 ,4 56,203
See accompanying notes to consolidated financial statements.
200 1200 0
December 3 1 ,
AMERiCA’S FiRST SATELLiTE RADiO SERViCE
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