XM Radio 2001 Annual Report Download - page 38

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36 XM SATELLiTE RADiO 2 0 0 1 Annual Report
CONSOLiDATED STATEMENTS OF CASH FLOWS
(In thousands)
Cash flows from operating activities:
Net loss ....................................................................................................... $ (36,8 96 ) $ (51,8 73) $ (284,379 )
Adjustments to reconcile net loss to net cash used in operating activities:
Bad debt expense ...................................................................................... — — 10
Depreciation and amortization ..................................................................... 1 ,4 78 3,36 9 42 ,4 22
Loss on disposal computer equipment ........................................................ — — 435
Amortization of deferred financing fees ....................................................... 509 — —
Non-cash stock-based compensation ........................................................... 4 ,2 10 2,74 3 4 ,8 67
Non-cash charge for beneficial conversion feature of note issued to investor.. 5,520 — —
Changes in operating assets and liabilities:
Increase in accounts receivable .............................................................. — — (488 )
Increase in prepaid and other current assets ........................................... (905 ) (7,738 ) (6,90 5)
Decrease in other assets ....................................................................... 43 — —
Increase in accounts payable and accrued expenses ............................... 7,5 19 1 6,02 6 29 ,5 31
Increase (decrease) in amounts due to related parties ............................. (1,316 ) 26 2,69 6
Increase in accrued interest ................................................................... 3,053 — 8,7 63
Net cash used in operating activities ................................................... (16,785 ) (37,4 47 ) (203 ,0 48)
Cash flows from investing activities:
Purchase of property and equipment ............................................................... (2,008 ) (41,92 5) (58 ,5 20 )
Additions to system under construction ........................................................... (159 ,5 10 ) (424,342 ) (142,32 1)
Net purchase/ maturity of short-term investments ............................................. (69,472 ) 69,47 2 (28,355)
Net purchase/ maturity of restricted investments ............................................. — (106,3 38 ) 40,31 7
Other investing activities ................................................................................. (3,42 2 ) (56,2 68 ) (32 ,4 82)
Net cash used in investing activities..................................................... (234,412 ) (559,40 1) (221,36 1)
Cash flows from financing activities:
Proceeds from sale of common stock and capital contribution ......................... 114,428 133,235 199,21 9
Proceeds from issuance of Series B convertible redeemable preferred stock ..... — 96 ,4 72 —
Proceeds from issuance of 1 4% senior secured notes and warrants ................. — 322,889 —
Proceeds from issuance of Series C convertible redeemable preferred stock..... — 226,8 22 —
Proceeds from issuance of subordinated convertible notes to related parties ..... 2 2,96 6 — —
Proceeds from issuance of 7 .7 5% convertible subordinated notes .................... — — 125,000
Proceeds from mortgage on corporate facility ................................................ — — 29,000
Proceeds from loan payable............................................................................ — — 35 ,000
Proceeds from issuance of convertible notes ................................................... 25 0,00 0 — —
Repayment of loan payable to related party ..................................................... (75,00 0 ) — —
Payments for deferred financing costs............................................................. (10,725 ) (8,36 5) (6,124 )
Other net financing activities ........................................................................... (84 ) — (92)
Net cash provided by financing activities ............................................. 301,58 5 77 1,0 53 382,00 3
Net increase (decrease) in cash and cash equivalents........................................... 50,38 8 174,2 05 (4 2,40 6)
Cash and cash equivalents at beginning of period ............................................... 310 50,698 224,90 3
Cash and cash equivalents at end of period ......................................................... $ 50,698 $ 2 24 ,903 $ 182 ,4 97
See accompanying notes to consolidated financial statements.
200 1
200 0199 9
AMERiCA’S FiRST SATELLiTE RADiO SERViCE
81690_XM2001_AR_Financials 4/9/02 12:32 PM Page 18