Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Cash flows from operating activities:    
Net income $ 93,988 $ 123,602
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 68,267 67,018
Non-cash interest expense, net of amortization of premium 5,231 5,442
Provision for doubtful accounts 10,634 11,410
Amortization of deferred income related to equity method investment (694) (694)
Gain on unconsolidated entity investments, net (4,326) (1,345)
Dividend received from unconsolidated entity investment 4,222 9,674
Loss on disposal of assets 196 124
Loss on change in value of derivatives 27,023 0
Share-based payment expense 18,240 14,518
Deferred income taxes 74,565 83,631
Other non-cash purchase price adjustments (945) (70,459)
Changes in operating assets and liabilities:    
Accounts receivable (10,569) (13,143)
Receivables from distributors (511) 1,663
Inventory (5,124) 5,242
Related party assets 654 26
Prepaid expenses and other current assets (15,682) (51,815)
Other long-term assets 522 1,730
Accounts payable and accrued expenses (68,168) (97,537)
Accrued interest 15,291 31,054
Deferred revenue 34,861 47,480
Related party liabilities 177 5,891
Other long-term liabilities 3,538 (4,597)
Net cash provided by operating activities 251,390 168,915
Cash flows from investing activities:    
Additions to property and equipment (28,601) (26,434)
Acquisition of business, net of cash acquired 1,144 0
Net cash used in investing activities (27,457) (26,434)
Cash flows from financing activities:    
Proceeds from exercise of stock options 259 10,946
Taxes paid in lieu of shares issued for stock-based compensation (4,229) 0
Repayment of long-term borrowings and revolving credit facility (152,528) (1,933)
Common stock repurchased and retired (81,069) (465,712)
Net cash used in financing activities (237,567) (456,699)
Net decrease in cash and cash equivalents (13,634) (314,218)
Cash and cash equivalents at beginning of period 134,805 520,945
Cash and cash equivalents at end of period 121,171 206,727
Cash paid during the period for:    
Interest, net of amounts capitalized 30,687 2,928
Non-cash investing and financing activities:    
Capital lease obligations incurred to acquire assets 719 0
Conversion of Series B preferred stock to common stock 0 1,293
Treasury stock not yet settled 47,613 27,923
Conversion of 7% Exchangeable Notes to common stock, net of debt issuance and deferred financing costs 0 45,097
Sirius XM Radio Inc.
    
Cash flows from operating activities:    
Net income 210,121 123,602
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 68,267 67,018
Non-cash interest expense, net of amortization of premium 5,231 5,442
Provision for doubtful accounts 10,634 11,410
Amortization of deferred income related to equity method investment (694) (694)
Gain on unconsolidated entity investments, net (4,326) (1,345)
Dividend received from unconsolidated entity investment 4,222 9,674
Loss on disposal of assets 196 124
Gain on change in fair value of debt instruments (89,110) 0
Share-based payment expense 18,240 14,518
Deferred income taxes 74,566 83,631
Other non-cash purchase price adjustments (945) (70,459)
Changes in operating assets and liabilities:    
Accounts receivable (10,569) (13,143)
Receivables from distributors (511) 1,663
Inventory (5,124) 5,242
Related party assets (132,022) 26
Prepaid expenses and other current assets (15,682) (51,815)
Other long-term assets 522 1,730
Accounts payable and accrued expenses (20,532) (97,537)
Accrued interest 15,291 31,054
Deferred revenue 34,861 47,480
Related party liabilities 177 5,891
Other long-term liabilities 3,538 (4,597)
Net cash provided by operating activities 166,351 168,915
Cash flows from investing activities:    
Additions to property and equipment (28,601) (26,434)
Acquisition of business, net of cash acquired 1,144 0
Net cash used in investing activities (27,457) (26,434)
Cash flows from financing activities:    
Proceeds from exercise of stock options 0 10,946
Repayment of long-term borrowings and revolving credit facility (152,528) (1,933)
Common stock repurchased and retired 0 (465,712)
Net cash used in financing activities (152,528) (456,699)
Net decrease in cash and cash equivalents (13,634) (314,218)
Cash and cash equivalents at beginning of period 134,805 520,945
Cash and cash equivalents at end of period 121,171 206,727
Cash paid during the period for:    
Interest, net of amounts capitalized 30,687 2,928
Non-cash investing and financing activities:    
Capital lease obligations incurred to acquire assets 719 0
Conversion of Series B preferred stock to common stock 0 1,293
Conversion of 7% Exchangeable Notes to common stock, net of debt issuance and deferred financing costs $ 0 $ 45,097