Quote:
Originally Posted by Sirius Roadkill
i cant even find the video. its been removed from every site i searched...please share, im not worried about viruses or malware. i use a MAC
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Quote:
Originally Posted by Sirius Roadkill
i cant even find the video. its been removed from every site i searched...please share, im not worried about viruses or malware. i use a MAC
Quote:
Originally Posted by bassmaster
LMAO . .. hey Bass . . I think it's gone already; I tried yesterday but then saw all the warnings and decided not to try it . . . it was up on youtube for awhile . . . maybe someone here among us was wise enough to download a clean copy before it got pulled . . .
Something I learned from that story . . . I never knew there was such a thing as a "peep-hole reverser" which apparently the police have had for years and routinely use before making a hotel room raid . .
S-KILL,hate to burst your bubble,but John and i have discussed this and Mel in ANNual CC in March said there will be no Capex for sats till 2015,after the ccompany decides if it wants and needs the 2 sats that XM started to order for launch in 2010 and 2011,the company has the option to push them back or cancel them with a small penalty fee...The Faber statement is from December CC in 4Q,which was last guidance given,and i've heard it before.Quote:
Originally Posted by Sirius Roadkill
Satelite that was just launched is already paid for and actually they are in arbitration over 15mil that SXM says is owed back to them for unnescesary delays by sat company..
Quote:
Originally Posted by Sirius Roadkill
Is that the supposed video of a newswoman naked or something,saw a headline that said the whole thing was a scam to spread the virus..
Julie,here my 3 random thoughts for today...
1.can i choke like tom watson when i'm 59 years old...
2.can a munchkin ever be put back in the hole of the donut..:p
3.If M. Vick is allowed to play in the NFL again,will the football be changed from pigskin to synthetic material...
good news if true . . when was it paid for?Quote:
Originally Posted by JohnnyIrishXM
Quote:
Originally Posted by Sirius Roadkill
They have a seperate account that money was set aside for when the sat was ordered,payouts are in stages,when ordered,built and finished,then launch is paid for..so capex is accounted for in Q's when it;s a new expenditure and put in this account that earns interest also..this is what Mel was talking about,if they go ahead with next sats,money would have to be taken out of earnings and put aside..
Forgot,it is in the financials under Satelite expenses,this is how it is accounted for,you'll see expected costs laid out for each year in the annual report..
hey Irish . . check this out:
3) CapEx: Also known as Capital Expenditures, refers to the cost of infrastructure, or most notably, the Satellites. Borrowing some numbers from a poster on the Sirius Buzz Forums, Homer, this is what the CapEx looks like from Sirius’s standpoint:
Sirius FM-5: (Satellite and Launch) Sirius FM-6: (Satellite ONLY)
All of 2008: $100 million All of 2008: $100 million
Q1 2009: $25 million All of 2009: $100 million
Through Q3 2010: $80 million
Homer warns us that these numbers are very rough estimates, and does not include launch insurance for either satellite, which is estimated to be around $40 million dollars per satellite, or the cost of the launch for FM-6, which sits around the $90-$95 million mark. Adding up those numbers, you are looking at $405 million dollars, plus insurance ($40 million x2) plus launch fees for FM-6 ($95 million) which brings us to a grand total of $580 million over the next 2 and a half years. The positive for this is that if they build in the ability for one sat to broadcast both networks, this will hopefully be the last time they will have to launch satellites for the next few years.
I think I'll put out an APB for homer . . this is really buggin me now . . .
so you're saying the "one payment" Mel refers to is just the cost of the launch itself and that the other costs have already been phased-in over time and have already been accounted for, right?Quote:
Originally Posted by JohnnyIrishXM
Yes,fm-5 is paid for,just by your numbers,the second fm-6 has been pushed back to 2010 if needed,or canceled,,give me a minute and i'll post the paragraph from the reports,also Q1 2009 was last payment made,25mil..Quote:
Originally Posted by Sirius Roadkill
This is the network of current sats...pay close attention to spares and users.
We operate three in-orbit satellites in our SIRIUS system and have one ground spare satellite. The three
in-orbit SIRIUS satellites were launched in 2000 and the spare satellite was delivered to ground storage in 2002. The
three-satellite constellation and terrestrial repeater network were placed into service in 2002. SIRIUS has an
agreement with Space Systems/Loral for the design and construction of an additional two satellites. In January
2008, SIRIUS entered into an agreement with International Launch Services to secure two satellite launches on
Proton rockets. This agreement with International Launch Services allows SIRIUS the flexibility to defer the second
of these launch dates and to cancel either launch upon payment of a cancellation fee.
We operate four in-orbit satellites in ourXMsystem, two of which function as in-orbit spares. The two in-orbit
spare satellites were launched in 2001 while the other two satellites were launched and placed into service in 2005
and 2006, respectively. XM is constructing an additional satellite.
this shows xm paid for this already,xm-5 that is..in 2008
Satellite system . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $449,129 $155,736
Terrestrial repeater network . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,070 11,885
Leasehold improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 347
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,517 6,597
Construction in progress . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $474,716 $174,565
Depreciation and amortization expense on property and equipment was $167,963, $106,780 and $105,749 for
the years ended December 31, 2008, 2007 and 2006.
Satellites
Our orbiting SIRIUS satellites were successfully launched in 2000. Our spare SIRIUS satellite was delivered to
ground storage in 2002. Our three-satellite constellation and terrestrial repeater network were placed into service in
2002.
We entered into an agreement with Space Systems/Loral for the design and construction of our fifth and sixth
SIRIUS satellites. In January 2008, we entered into an agreement with International Launch Services to secure two
additional satellite launches on Proton rockets. This agreement provides us the flexibility to defer the second of
these launch dates and to cancel either launch upon payment of a cancellation fee.
XM owns four orbiting satellites; two of which, XM-3 and XM-4, currently transmit the XMsignal and two of
which, XM-1 and XM-2, serve as in-orbit spares. The XM satellites were launched in March 2001, May 2001,
February 2005 and October 2006.
XM also expects to replace the XM satellite constellation to meet its business needs. Space Systems/Loral is
constructing a fifth satellite, XM-5, for use in the XM system. XM has also entered into an agreement with Sea
Launch to secure a launch for XM-5.
F-24
here is link,if you want to look for yourself
http://files.shareholder.com/downloa...nualReport.pdf
XM-5 is done and paid for and sitting in storage awaiting launch if needed,now it isn't needed until a problem occurs with xm-3 or xm-4,we already have 2 spares in orbit for xm to cover us until xm-5 can be launched.
Hey Irish . . thanks for putting all the time in on this!!Quote:
Originally Posted by JohnnyIrishXM
I guess this quote from Mel is what leaves me feeling like there is another show to drop:
Murray Arenson - Janco Partners
Thank you. Good morning. I wondered if you’d talk about -- you mentioned that you believe you are sufficient in terms of cash resources to take you through not only 2009 but 2010. I wonder if you could just provide a little bit more color on the path to get there in terms of where you are sitting right now, what you think expenditures are going to look like, whether they are related to capital or satellite launches, things like that, and kind of how you get there?
Mel Karmazin
Murray, we’re not -- we are providing guidance on EBITDA but not on other measures going forward at this point and so I don’t think there’s a lot more we can say today than we’ve already put out there. I think that, just to remind you of some of the things, I think you do know that there is a launch of the Sirius 5 satellite scheduled for the end of the second quarter of this year. It was reported in some of the industry press or in the satellite industry that C-Launch has encountered some conflicts from both government launches as well as supply issues of engines and that could push the XM5 launch, which was scheduled for the December/January timeframe out to the -- potentially the third or fourth quarter of 2010, and then we remain on schedule for fourth quarter 2011 launch of the Sirius 6 satellite, which is then hopefully all three launches are successful. That will represent really an end of satellite replacement spending for probably four or so years after that. We wouldn’t expect to pick it back up again until the 2015 timeframe.
but to sum up Irish . . your take is that only $25mm will come out for the launch
this is the reason it was pushed back,fm-6 that is,but it has changed since then,april 9th 2009 and how it is paid for...
In July 2007, SIRIUS amended and restated its existing Credit Agreement with Space Systems/Loral (the
“Loral Credit Agreement”). Under the Loral Credit Agreement, Space Systems/Loral agreed to make loans to
SIRIUS in an aggregate principal amount of up to $100,000 to finance the purchase of its fifth and sixth satellites.
After April 6, 2009, Loral’s commitment will be limited to 80% of amounts due with respect to the construction of
our sixth satellite. Loans made under the Loral Credit Agreement are secured by SIRIUS’ rights under the Satellite
Purchase Agreement with Space Systems/Loral, including its rights to these satellites. The loans are also entitled to
the benefits of a subsidiary guarantee from Satellite CD Radio, Inc., the subsidiary that holds SIRIUS’ FCC license,
and any future material subsidiary that may be formed by SIRIUS. The maturity date of the loans is the earliest to
occur of (i) June 10, 2010, (ii) 90 days after the sixth satellite becomes available for shipment and (iii) 30 days prior
to the scheduled launch of the sixth satellite. The Loral Credit Agreement contains certain drawing conditions,
including the requirement that SIRIUS have a market capitalization of at least $1 billion. As a result of these
borrowing conditions, we currently cannot borrow under this facility and in the future we may be limited in our
ability to borrow under this facility. Any loans made under the Loral Credit Agreement generally will bear interest
at a variable rate equal to 3-month LIBOR plus 4.75%. The daily unused balance bears interest at a rate per annum
equal to 0.50%, payable quarterly on the last day of each March, June, September and December. The Loral Credit
Agreement permits SIRIUS to prepay all or a portion of the loans outstanding without penalty. SIRIUS has not
borrowed under the Loral Credit Agreement.
XM
Our plan to maintain sufficient liquidity includes the potential for deferring the planned launch of satellites,
deferring planned 2008 employee bonus payments or satisfying planned 2008 employee bonuses with non-cash
awards, and deferring planned capital projects or other discretionary expenses. We believe that our cash and cash
F-9
equivalents on hand, marketable securities, available borrowings from Liberty Media, and expected cash flows from
operations in 2009 will be sufficient to satisfy our financial obligations through January 2010. Our financial
projections are based on assumptions, which we believe are reasonable, but contain uncertainties as noted abov
Quote:
Originally Posted by Sirius Roadkill
That is the quote,FM-5 just went up and paid for,25mil was in 1Q,then XM-5 is paid for,just showed you the accounting,but launch hasn't been paid yet,but not due until late next year,and FM-6 is pushed back..
ok, thanks Irish . . catch ya tomorrow . .
ok,thanks,hope this clears it up,but i'm not 100% sure we won't see a surprise Capex of 30to 50 mil,as i'm having a hard time finding a clear definitive answer in the report that says it is all paid for on Sirius side of accounting..Just going by good bussiness sense,which is that it must be paid for in advance for launch date..
irish, wasnt it tim wallick that said it was paid for and there was an arbitration hearing over $12MM? is there still no definitative answer until the CC?
Quote:
Originally Posted by bassmaster
Yes it was tim,and tyler confirmed it,also homer said this one was,but next one he wasn't sure..
Howard is now available on the free trial of the internet radio!!! He was not a few weeks ago!!! :D
Iphone app coming??? :confused:
Are you doing a show thursday night tyler?