RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA
For the Three For the Six
Months Ended Months Ended
June 30, June 30,
------------- -------------
2009 2008 2009 2008
---- ---- ---- ----
(Unaudited) (Unaudited)
Net income (loss) $9,552 $(558) $7,815 $(1,376)
Adjustments:
Interest expense, net 8,618 2,030 14,180 5,758
Provision for income taxes 5,689 3,636 3,569 6,350
Depreciation and amortization 15,936 3,196 24,396 6,469
Non-cash stock-based compensation
expense 657 501 1,029 1,043
--- --- ----- -----
Adjusted EBITDA $40,452 $8,805 $50,989 $18,244
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CONDENSED CONSOLIDATED BALANCE SHEETS
June 30, December 31,
2009 2008 Change
---- ---- ------
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $47,755 $106,733 $(58,978)
Short-term investments - 3,813 (3,813)
Accounts receivable -
trade and unbilled
receivables (net of
allowances: 2009 -$1,048;
2008 -$738) 52,996 26,851 26,145
Income tax receivable 16,050 20,142 (4,092)
Restricted cash 4,473 - 4,473
Other current assets 15,293 34,325 (19,032)
------ ------ -------
Total current assets 136,567 191,864 (55,297)
Property, plant and
equipment, net 25,956 22,748 3,208
Satellites and related
ground systems, net 517,648 488,145 29,503
Goodwill 34,264 34,264 -
Intangible assets, net 13,006 14,335 (1,329)
Restricted cash 15,628 - 15,628
Other non-current assets 11,974 12,978 (1,004)
Deferred tax asset 30,271 30,271 -
------ ------ ---
Total assets $785,314 $794,605 $(9,291)
======== ======== =======
LIABILITIES AND
STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and
accrued expenses $41,962 $69,763 $(27,801)
Current portion of deferred
revenue 56,264 40,629 15,635
Current deferred tax
liability 5,594 5,594 -
----- ----- ---
Total current liabilities 103,820 115,986 (12,166)
Long-term debt 247,859 247,502 357
Long-term deferred revenue,
net of current portion 191,959 199,317 (7,358)
Non-current income tax
reserve 688 1,396 (708)
--- ----- ----
Total liabilities 544,326 564,201 (19,875)
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Commitments and contingencies - - -
Stockholders' equity:
Preferred stock - - -
Common stock 186 184 2
Additional paid-in capital 213,280 210,513 2,767
Retained earnings 27,522 19,707 7,815
------ ------ -----
Total stockholders' equity 240,988 230,404 10,584
------- ------- ------
Total liabilities and
stockholders' equity $785,314 $794,605 $(9,291)
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