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Technology Stocks : XM Satellite Radio Holdings Inc. (XMSR)
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To: russwinter who wrote (407)11/25/2002 5:08:53 PM
From: i-node  Read Replies (1) of 3386
 
Since they are largely done with capex, I'm looking for effect on the balance sheet, so I'm going straight to it to look for burn rates. 3Q for XMSR still looks like crap because you have not just marketing but high fixed costs they need to pay for and cover. They added about 65k subs, and burned $88m. That's actually $1357/sub. But the expected 4th qt add is 150,000 subs, and according to the call the burn will be about $60m, or $400/sub.

Russ,

I suppose this was the point of my previous post; the cost per subscriber is next to meaningless at this stage of the game -- first, because the rate "per" is changing so rapidly -- daily, almost, and secondly because it is tough to determine which "costs" are technically subscriber costs vs. those costs that are more startup or related to building a brand in nature...
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