Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Cash flows from operating activities:      
Net income $ 377,215 $ 3,472,702 $ 426,961
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 253,314 266,295 267,880
Non-cash interest expense, net of amortization of premium 21,698 35,924 39,515
Provision for doubtful accounts 39,016 34,548 33,164
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 7,206
Gain on merger of unconsolidated entities 0 0 (75,768)
(Gain) loss on unconsolidated entity investments, net (5,865) 420 6,520
Dividend received from unconsolidated entity investment 22,065 1,185 0
Loss on disposal of assets 351 657 269
Loss on change in value of derivative 20,393 0 0
Share-based payment expense 68,876 63,822 53,190
Deferred income taxes 259,787 (3,001,818) 8,264
Other non-cash purchase price adjustments (207,854) (289,050) (275,338)
Distribution from investment in unconsolidated entity 0 0 4,849
Changes in operating assets and liabilities:      
Accounts receivable (36,189) (38,985) (13,211)
Receivables from distributors 20,944 (19,608) (17,241)
Inventory 11,474 11,374 (14,793)
Related party assets 2,031 9,523 30,036
Prepaid expenses and other current assets 16,788 647 8,525
Other long-term assets 2,973 22,779 36,490
Accounts payable and accrued expenses (44,009) 46,043 (32,010)
Accrued interest 8,131 (36,451) (2,048)
Deferred revenue 73,593 101,311 55,336
Related party liabilities (1,991) (7,545) (1,542)
Other long-term liabilities 12,290 3,042 152
Net cash provided by operating activities 1,102,832 806,765 543,630
Cash flows from investing activities:      
Additions to property and equipment (173,617) (97,293) (137,429)
Purchases of restricted and other investments (1,719) (26) (826)
Acquisition of business, net of cash acquired (525,352) 0 0
Release of restricted investments 0 0 250
Return of capital from investment in unconsolidated entity 0 0 10,117
Net cash used in investing activities (700,688) (97,319) (127,888)
Cash flows from financing activities:      
Proceeds from exercise of stock options 21,968 123,369 11,553
Taxes paid in lieu of shares issued for stock-based compensation (46,342) 0 0
Proceeds from long-term borrowings and revolving credit facility, net of costs 3,156,063 383,641 0
Payment of premiums on redemption of debt (175,453) (100,615) (5,020)
Repayment of long-term borrowings and revolving credit facility (1,782,160) (915,824) (234,976)
Repayment of related party long-term borrowings (200,000) (126,000) 0
Common stock repurchased and retired (1,762,360) 0 0
Dividends paid 0 (327,062) 0
Net cash used in financing activities (788,284) (962,491) (228,443)
Net (decrease) increase in cash and cash equivalents (386,140) (253,045) 187,299
Cash and cash equivalents at beginning of period 520,945 773,990 586,691
Cash and cash equivalents at end of period 134,805 520,945 773,990
Cash paid during the period for:      
Interest, net of amounts capitalized 169,781 262,039 258,676
Income taxes paid 2,783 4,935 0
Acquisition related costs 2,902 0 0
Non-cash investing and financing activities:      
Capital lease obligations incurred to acquire assets 11,966 12,781 0
Conversion of Series B preferred stock to common stock 1,293 1,294 0
Common stock issuance upon exercise of warrants 0 0 7
Conversion of 7% Exchangeable Notes to common stock, net of debt issuance and deferred financing costs 45,097 0 0
Performance incentive payments 16,900 0 0
Goodwill reduced for the exercise and vesting of certain stock awards 274 19,491 0
Sirius XM Radio Inc.
      
Cash flows from operating activities:      
Net income (66,494) 3,472,702 426,961
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 253,314 266,295 267,880
Non-cash interest expense, net of amortization of premium 21,698 35,924 39,515
Provision for doubtful accounts 39,016 34,548 33,164
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 7,206
Gain on merger of unconsolidated entities 0 0 (75,768)
(Gain) loss on unconsolidated entity investments, net (5,865) 420 6,520
Dividend received from unconsolidated entity investment 22,065 1,185 0
Loss on disposal of assets 351 657 269
Loss on fair value of debt and equity instruments 464,102 0 0
Share-based payment expense 58,903 63,822 53,190
Deferred income taxes 259,787 (3,001,818) 8,264
Other non-cash purchase price adjustments (207,854) (289,050) (275,338)
Distribution from investment in unconsolidated entity 0 0 4,849
Changes in operating assets and liabilities:      
Accounts receivable (36,189) (38,985) (13,211)
Receivables from distributors 20,944 (19,608) (17,241)
Inventory 11,474 11,374 (14,793)
Related party assets (2,246) 9,523 30,036
Prepaid expenses and other current assets 16,788 647 8,525
Other long-term assets 2,973 22,779 36,490
Accounts payable and accrued expenses (44,009) 46,043 (32,010)
Accrued interest 8,131 (36,451) (2,048)
Deferred revenue 73,593 101,311 55,336
Related party liabilities (1,991) (7,545) (1,542)
Other long-term liabilities 12,290 3,042 152
Net cash provided by operating activities 1,088,582 806,765 543,630
Cash flows from investing activities:      
Additions to property and equipment (173,617) (97,293) (137,429)
Purchases of restricted and other investments (1,719) (26) (826)
Acquisition of business, net of cash acquired (525,352) 0 0
Release of restricted investments 0 0 250
Return of capital from investment in unconsolidated entity 0 0 10,117
Net cash used in investing activities (700,688) (97,319) (127,888)
Cash flows from financing activities:      
Proceeds from exercise of stock options 21,817 123,369 11,553
Taxes paid in lieu of shares issued for stock-based compensation (31,941) 0 0
Proceeds from long-term borrowings and revolving credit facility, net of costs 3,156,063 383,641 0
Payment of premiums on redemption of debt (175,453) (100,615) (5,020)
Repayment of long-term borrowings and revolving credit facility (1,782,160) (915,824) (234,976)
Repayment of related party long-term borrowings (200,000) (126,000) 0
Common stock repurchased and retired (1,762,360) 0 0
Dividends paid 0 (327,062) 0
Net cash used in financing activities (774,034) (962,491) (228,443)
Net (decrease) increase in cash and cash equivalents (386,140) (253,045) 187,299
Cash and cash equivalents at beginning of period 520,945 773,990 586,691
Cash and cash equivalents at end of period 134,805 520,945 773,990
Cash paid during the period for:      
Interest, net of amounts capitalized 169,781 262,039 258,676
Income taxes paid 2,783 4,935 0
Acquisition related costs 2,902 0 0
Non-cash investing and financing activities:      
Capital lease obligations incurred to acquire assets 11,966 12,781 0
Conversion of Series B preferred stock to common stock 1,293 1,294 0
Common stock issuance upon exercise of warrants 0 0 7
Conversion of 7% Exchangeable Notes to common stock, net of debt issuance and deferred financing costs 45,097 0 0
Performance incentive payments 16,900 0 0
Goodwill reduced for the exercise and vesting of certain stock awards $ 274 $ 19,491 $ 0