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Technology Stocks : XM Satellite Radio Holdings Inc. (XMSR) -- Ignore unavailable to you. Want to Upgrade?

To: pcstel who wrote (415)	11/26/2002 12:39:34 AM
From: i-node	Read Replies (1) \| Respond to of 3386

(which is STANDARD REPORTING procedure for a subscriber based model) leaves one to wonder why they don't provide them? While some businesses may elect to release this kind of information, were I the CEO of XM I would not release this competitive information. It is totally up to the entity as to whether this kind of information is released, and if so, the timing and extent of such release. So, I guess I'd have to say that, to me, it is totally obvious why this information is not released in detail. Again, there is ample evidence to suggest these numbers are not significant in the total picture, however. Only problem is.. It is not another satellite.. It does not even become an Asset of the company. The company borrows money at 14% cost of capital, and it doesn't even become their asset. It's someone else's asset. It really IS an asset .. and one that is gaining value on a daily basis. Just because we arbitrarily decide that these costs must be expensed, you cannot conclude there is no asset. Marketing expenditures generate sales, but they also create a brand. And the XM brand is becoming a huge asset -- by the end of next year, if they hit their projected subs, it WILL be a huge asset -- in fact, at a million or more subs, one could argue that the brand may be a more important asset than the satellites and facilities combined. I showed you Standard Reporting format for a subscriber based model. There is no such "standard". The "standard" is whatever the reporting entity chooses to make it, almost without limitation (the only limitation is that underlying data contained therein cannot be a misreprentation). No matter that standard metrics are not provided Again, you use this term "standard". Who is the standards setting body for this "standard", and who enforces it? Have you fallen in love with the stock and the company? No, I just try not to be skeptical beyond reason. I see a company that is performing precisely as they forecasted over a year ago. The business model is excellent -- extremely high margins without the self-destructive nature of other high-margin businesses (i.e., high margins attract competition, but it is going to be really, really difficult for ANYONE to compete against XM, including SIRI). It is totally clear to me that this company is a money maker -- and it has been since I first laid eyes on it. Call it "falling in love" or whatever, but sometimes you just know a winner when you see one... If I'm wrong, I'm sure you'll be right here pointing it out to me a year or two down the road <g>...