Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Comprehensive Income

v2.4.1.9
Consolidated Statements of Comprehensive Income (USD $)
In Thousands, except Per Share data, unless otherwise specified
 12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Revenue:      
Subscriber revenue $ 3,554,302us-gaap_SubscriptionRevenue $ 3,284,660us-gaap_SubscriptionRevenue $ 2,962,665us-gaap_SubscriptionRevenue
Advertising revenue 100,982us-gaap_AdvertisingRevenue 89,288us-gaap_AdvertisingRevenue 82,320us-gaap_AdvertisingRevenue
Equipment revenue 104,661siri_EquipmentRevenue 80,573siri_EquipmentRevenue 73,456siri_EquipmentRevenue
Other revenue 421,150us-gaap_OtherSalesRevenueNet 344,574us-gaap_OtherSalesRevenueNet 283,599us-gaap_OtherSalesRevenueNet
Total revenue 4,181,095us-gaap_SalesRevenueNet 3,799,095us-gaap_SalesRevenueNet 3,402,040us-gaap_SalesRevenueNet
Cost of services:      
Revenue share and royalties 810,028siri_RevenueShareandRoyaltiesExpense 677,642siri_RevenueShareandRoyaltiesExpense 551,012siri_RevenueShareandRoyaltiesExpense
Programming and content 297,313siri_ProgrammingandContentExpense 290,323siri_ProgrammingandContentExpense 278,997siri_ProgrammingandContentExpense
Customer service and billing 370,585siri_CustomerServiceandBillingExpense 320,755siri_CustomerServiceandBillingExpense 294,980siri_CustomerServiceandBillingExpense
Satellite and transmission 86,013siri_SatelliteandTransmissionExpense 79,292siri_SatelliteandTransmissionExpense 72,615siri_SatelliteandTransmissionExpense
Cost of equipment 44,397us-gaap_CostOfGoodsSold 26,478us-gaap_CostOfGoodsSold 31,766us-gaap_CostOfGoodsSold
Subscriber acquisition costs 493,464siri_SubscriberAcquisitionCosts 495,610siri_SubscriberAcquisitionCosts 474,697siri_SubscriberAcquisitionCosts
Sales and marketing 336,480us-gaap_SellingAndMarketingExpense 291,024us-gaap_SellingAndMarketingExpense 248,905us-gaap_SellingAndMarketingExpense
Engineering, design and development 62,784us-gaap_TechnologyServicesCosts 57,969us-gaap_TechnologyServicesCosts 48,843us-gaap_TechnologyServicesCosts
General and administrative 293,938us-gaap_GeneralAndAdministrativeExpense 262,135us-gaap_GeneralAndAdministrativeExpense 261,905us-gaap_GeneralAndAdministrativeExpense
Depreciation and amortization 266,423us-gaap_DepreciationAndAmortization 253,314us-gaap_DepreciationAndAmortization 266,295us-gaap_DepreciationAndAmortization
Total operating expenses 3,061,425us-gaap_CostsAndExpenses 2,754,542us-gaap_CostsAndExpenses 2,530,015us-gaap_CostsAndExpenses
Income from operations 1,119,670us-gaap_OperatingIncomeLoss 1,044,553us-gaap_OperatingIncomeLoss 872,025us-gaap_OperatingIncomeLoss
Other income (expense):      
Interest expense, net of amounts capitalized (269,010)us-gaap_InterestExpense (204,671)us-gaap_InterestExpense (265,321)us-gaap_InterestExpense
Loss on extinguishment of debt and credit facilities, net 0us-gaap_ExtinguishmentOfDebtGainLossNetOfTax (190,577)us-gaap_ExtinguishmentOfDebtGainLossNetOfTax (132,726)us-gaap_ExtinguishmentOfDebtGainLossNetOfTax
Interest and investment income 15,498siri_InterestAndInvestmentIncomeLoss 6,976siri_InterestAndInvestmentIncomeLoss 716siri_InterestAndInvestmentIncomeLoss
Loss on change in value of derivatives (34,485)us-gaap_GainLossOnDerivativeInstrumentsNetPretax (20,393)us-gaap_GainLossOnDerivativeInstrumentsNetPretax 0us-gaap_GainLossOnDerivativeInstrumentsNetPretax
Other (loss) income (887)us-gaap_OtherNonoperatingIncomeExpense 1,204us-gaap_OtherNonoperatingIncomeExpense (226)us-gaap_OtherNonoperatingIncomeExpense
Total other expense (288,884)us-gaap_NonoperatingIncomeExpense (407,461)us-gaap_NonoperatingIncomeExpense (397,557)us-gaap_NonoperatingIncomeExpense
Income before income taxes 830,786siri_IncomeLossBeforeIncomeTaxes 637,092siri_IncomeLossBeforeIncomeTaxes 474,468siri_IncomeLossBeforeIncomeTaxes
Income tax (expense) benefit (337,545)us-gaap_IncomeTaxExpenseBenefit (259,877)us-gaap_IncomeTaxExpenseBenefit 2,998,234us-gaap_IncomeTaxExpenseBenefit
Net income 493,241us-gaap_NetIncomeLoss 377,215us-gaap_NetIncomeLoss 3,472,702us-gaap_NetIncomeLoss
Foreign currency translation adjustment, net of tax (94)us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax (428)us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax 49us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
Total comprehensive income $ 493,147us-gaap_ComprehensiveIncomeNetOfTax $ 376,787us-gaap_ComprehensiveIncomeNetOfTax $ 3,472,751us-gaap_ComprehensiveIncomeNetOfTax
Net income per common share:      
Basic (in dollars per share) $ 0.09us-gaap_EarningsPerShareBasic $ 0.06us-gaap_EarningsPerShareBasic $ 0.55us-gaap_EarningsPerShareBasic
Diluted (in dollars per share) $ 0.08us-gaap_EarningsPerShareDiluted $ 0.06us-gaap_EarningsPerShareDiluted $ 0.51us-gaap_EarningsPerShareDiluted
Weighted average common shares outstanding:      
Basic (in shares) 5,788,944us-gaap_WeightedAverageNumberOfSharesOutstandingBasic [1] 6,227,646us-gaap_WeightedAverageNumberOfSharesOutstandingBasic [1] 4,209,073us-gaap_WeightedAverageNumberOfSharesOutstandingBasic [1]
Diluted (in shares) 5,862,020us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding 6,384,791us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding 6,873,786us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding
[1] For the year ended December 31, 2014, the weighted-average common shares outstanding for basic net income per common share includes approximately 31,078,000 shares of the 272,855,859 shares related to the conversion of the 7% Exchangeable Senior Subordinated Notes due 2014, due to the weighted-average in calculating earnings per share.