This excerpt taken from the SIRI 8-K filed Sep 9, 2008.
SIRIUS XM expects
a pro forma adjusted EBITDA loss of approximately $350 million in 2008 and
reiterated its previously stated financial guidance of approximately $300
million in positive adjusted EBITDA for 2009. Adjusted EBITDA is net income /
(loss) before interest and investment income, interest expense (net of
amounts capitalized), depreciation expense, and non-cash stock compensation