XM Radio 2015 Annual Report Download - page 94

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SIRIUS XM HOLDINGS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands, except per share data) 2015 2014 2013
For the Years Ended December 31,
Revenue:
Subscriber revenue. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,824,793 $3,554,302 $3,284,660
Advertising revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122,292 100,982 89,288
Equipment revenue. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110,923 104,661 80,573
Other revenue. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 512,050 421,150 344,574
Total revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,570,058 4,181,095 3,799,095
Operating expenses:
Cost of services:
Revenue share and royalties. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,034,832 810,028 677,642
Programming and content . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 293,091 297,313 290,323
Customer service and billing . . . . . . . . . . . . . . . . . . . . . . . . . . . . 377,908 370,585 320,755
Satellite and transmission. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94,609 86,013 79,292
Cost of equipment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,724 44,397 26,478
Subscriber acquisition costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 532,599 493,464 495,610
Sales and marketing. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 354,189 336,480 291,024
Engineering, design and development . . . . . . . . . . . . . . . . . . . . . 64,403 62,784 57,969
General and administrative. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 324,801 293,938 262,135
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 272,214 266,423 253,314
Total operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,391,370 3,061,425 2,754,542
Income from operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,178,688 1,119,670 1,044,553
Other income (expense):
Interest expense, net of amounts capitalized. . . . . . . . . . . . . (299,103) (269,010) (204,671)
Loss on extinguishment of debt and credit facilities, net . . — — (190,577)
Loss on change in value of derivatives . . . . . . . . . . . . . . . . . . — (34,485) (20,393)
Other income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,379 14,611 8,180
Total other expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (286,724) (288,884) (407,461)
Income before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 891,964 830,786 637,092
Income tax expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (382,240) (337,545) (259,877)
Net income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 509,724 $ 493,241 $ 377,215
Foreign currency translation adjustment, net of tax . . . . . . . (100) (94) (428)
Total comprehensive income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 509,624 $ 493,147 $ 376,787
Net income per common share:
Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.09 $ 0.09 $ 0.06
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.09 $ 0.08 $ 0.06
Weighted average common shares outstanding:
Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,375,707 5,788,944 6,227,646
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,435,166 5,862,020 6,384,791
See accompanying notes to the consolidated financial statements.
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