XM Radio 2014 Annual Report Download - page 113

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(in thousands) 2014 2013 2012
For the Years Ended December 31,
Cash flows from operating activities:
Net income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 493,241 $ 377,215 $ 3,472,702
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization. . . . . . . . . . . . . . . . . . . . 266,423 253,314 266,295
Non-cash interest expense, net of amortization of
premium . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,039 21,698 35,924
Provision for doubtful accounts. . . . . . . . . . . . . . . . . . . 44,961 39,016 34,548
Amortization of deferred income related to equity
method investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,776) (2,776) (2,776)
Loss on extinguishment of debt and credit
facilities, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 190,577 132,726
(Gain) loss on unconsolidated entity investments,
net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,547) (5,865) 420
Dividend received from unconsolidated entity
investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,019 22,065 1,185
Loss on disposal of assets . . . . . . . . . . . . . . . . . . . . . . 220 351 657
Loss on change in value of derivatives . . . . . . . . . . . 34,485 20,393 —
Share-based payment expense . . . . . . . . . . . . . . . . . . 78,212 68,876 63,822
Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . 327,461 259,787 (3,001,818)
Other non-cash purchase price adjustments . . . . . . (3,781) (207,854) (289,050)
Changes in operating assets and liabilities:
Receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (72,628) (15,245) (58,593)
Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,534) 11,474 11,374
Related party assets . . . . . . . . . . . . . . . . . . . . . . . . (4,097) 2,031 9,523
Prepaid expenses and other current assets . . (1,195) 16,788 647
Other long-term assets . . . . . . . . . . . . . . . . . . . . . . 3,173 2,973 22,779
Accounts payable and accrued expenses . . . . (17,191) (44,009) 46,043
Accrued interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,355 8,131 (36,451)
Deferred revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,645 73,593 101,311
Related party liabilities . . . . . . . . . . . . . . . . . . . . . . (206) (1,991) (7,545)
Other long-term liabilities . . . . . . . . . . . . . . . . . . . . (7,035) 12,290 3,042
Net cash provided by operating activities. 1,253,244 1,102,832 806,765
Cash flows from investing activities:
Additions to property and equipment. . . . . . . . . . . . . . . . . . (121,646) (173,617) (97,293)
Purchases of restricted and other investments . . . . . . . . — (1,719) (26)
Acquisition of business, net of cash acquired . . . . . . . . . 1,144 (525,352) —
Return of capital from investment in unconsolidated
entity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,178 — —
Net cash used in investing activities . . . . . (96,324) (700,688) (97,319)
See accompanying notes to the consolidated financial statements.
F-7
SIRIUS XM HOLDINGS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS