XM Radio 2011 Annual Report Download - page 92

SIRIUS XM RADIO INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
As of December 31,
2011 2010
(in thousands, except share and per share data)
ASSETS
Current assets:
Cash and cash equivalents ....................................................................... $ 773,990 $ 586,691
Accounts receivable, net ........................................................................ 101,705 121,658
Receivables from distributors .................................................................... 84,817 67,576
Inventory, net ................................................................................. 36,711 21,918
Prepaid expenses .............................................................................. 125,967 134,994
Related party current assets ...................................................................... 14,702 6,719
Deferred tax asset ............................................................................. 132,727 44,787
Other current assets ............................................................................ 6,335 7,432
Total current assets ........................................................................ 1,276,954 991,775
Property and equipment, net ....................................................................... 1,673,919 1,761,274
Long-term restricted investments ................................................................... 3,973 3,396
Deferred financing fees, net ........................................................................ 42,046 54,135
Intangible assets, net ............................................................................. 2,573,638 2,632,688
Goodwill ...................................................................................... 1,834,856 1,834,856
Related party long-term assets ...................................................................... 54,953 33,475
Other long-term assets ............................................................................ 35,657 71,487
Total assets ............................................................................ $ 7,495,996 $ 7,383,086
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses ............................................................ $ 543,193 $ 593,174
Accrued interest ............................................................................... 70,405 72,453
Current portion of deferred revenue ............................................................... 1,333,965 1,201,346
Current portion of deferred credit on executory contracts ............................................... 284,108 271,076
Current maturities of long-term debt ............................................................... 1,623 195,815
Related party current liabilities ................................................................... 14,302 15,845
Total current liabilities .................................................................... 2,247,596 2,349,709
Deferred revenue ................................................................................ 198,135 273,973
Deferred credit on executory contracts ............................................................... 218,199 508,012
Long-term debt ................................................................................. 2,683,563 2,695,856
Long-term related party debt ....................................................................... 328,788 325,907
Deferred tax liability ............................................................................. 1,011,084 914,637
Related party long-term liabilities ................................................................... 21,741 24,517
Other long-term liabilities ......................................................................... 82,745 82,839
Total liabilities .......................................................................... 6,791,851 7,175,450
Commitments and contingencies (Note 17)
Stockholders’ equity:
Preferred stock, par value $0.001; 50,000,000 authorized at December 31, 2011 and 2010: Series A convertible
preferred stock; no shares issued and outstanding at December 31, 2011 and 2010 ......................... — —
Convertible perpetual preferred stock, series B-1 (liquidation preference of $0.001 per share at December 31,
2011 and 2010); 12,500,000 shares issued and outstanding at December 31, 2011 and 2010 ............... 13 13
Convertible preferred stock, series C junior; no shares issued and outstanding at December 31, 2011 and
2010 .................................................................................... — —
Common stock, par value $0.001; 9,000,000,000 shares authorized at December 31, 2011 and 2010; 3,753,201,929
and 3,933,195,112 shares issued and outstanding at December 31, 2011 and 2010, respectively .............. 3,753 3,933
Accumulated other comprehensive income (loss), net of tax ............................................ 71 (5,861)
Additional paid-in capital ....................................................................... 10,484,400 10,420,604
Accumulated deficit ............................................................................ (9,784,092) (10,211,053)
Total stockholders’ equity ................................................................. 704,145 207,636
Total liabilities and stockholders’ equity ...................................................... $ 7,495,996 $ 7,383,086
See accompanying notes to the consolidated financial statements.
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