Sirius XM Radio Inc. is a satellite radio company, formed from the merger of Sirius and XM in 2008. Exhibit 3.20 presents a statement of cash flows for Sirius XM Radio for 2006, 2007, and 2008. Sirius XM and its predecessor, Sirius, realized revenue growth of 49% in 2007 and 81% in 2008. The merger was a stock-for-stock merger.

Exhibit 3.20

REQUIREDDiscuss the relations among net loss and cash flow from operations and the pattern of cash flows from operating, investing, and financing activities during the three years. Speculate on reasons for the more significant increases and decreases.

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Exhibit 3.2o Sirius XM Radio Inc. Statement of Cash Hows (amounts in thousan ds) (Problem 3.22) 2008 2007 2006 CASE FLOWS FROM OPERATING ACTIVITIES Net loss S(5313 288) SI565 252) S1,104,867) Adjustments to reoncie net loss to net cash used in operating activities Deprediation and amortiation Impairment loss Nancash interest expense, net of amortization of premium Provision for doubeful accounts 203752 4766,190 106,780 105,749 10,917 (6311) 4,269 9,002 3,107 21,589 9,370