Cincinnati Bell 2009 Annual Report Download - page 128

Cincinnati Bell Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Millions of Dollars)
Year Ended December 31,
2009 2008 2007
Cash flows from operating activities
Net income ......................................................... $ 89.6 $ 102.6 $ 73.2
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation ...................................................... 160.8 149.0 147.1
Amortization ...................................................... 4.1 4.9 3.7
Loss (gain) on extinguishment of debt .................................. 10.3 (14.1) 0.7
Loss on sale of asset and asset impairment .............................. 4.8 1.2 —
Provision for loss on receivables ...................................... 22.3 19.7 15.2
Noncash interest expense ............................................ 3.8 5.0 5.0
Deferred income tax expense, including valuation allowance change ......... 61.0 67.7 51.7
Pension and other postretirement payments (in excess of) less than expense .... (65.6) 61.4 19.2
Restricted stock and stock options amortization .......................... 8.5 5.6 6.1
Other, net ........................................................ (2.1) 0.1 (2.1)
Changes in operating assets and liabilities, net of effect of acquisitions
Increase in receivables .............................................. (16.4) (7.4) (27.8)
Increase in inventory, materials, supplies, prepaids and other current assets .... (1.7) — (7.3)
Increase (decrease) in accounts payable ................................ (6.4) 15.8 19.8
Decrease in accrued and other current liabilities .......................... (16.3) (16.4) (28.7)
Decrease (increase) in other noncurrent assets ........................... 9.0 1.2 (0.7)
Increase (decrease) in other noncurrent liabilities ......................... (0.1) 7.6 33.7
Net cash provided by operating activities ................................. 265.6 403.9 308.8
Cash flows from investing activities
Capital expenditures ................................................ (195.1) (230.9) (233.8)
Acquisitions of businesses ........................................... (3.4) (21.6) (23.6)
Proceeds/deposits from sale of wireless towers ........................... 99.9 — —
Proceeds from sale of wireless licenses ................................. 6.0 — —
Return of deposit and (purchase/deposit) of wireless licenses ............... — 1.6 (4.4)
Other, net ........................................................ (1.2) 0.4 (1.7)
Net cash used in investing activities ..................................... (93.8) (250.5) (263.5)
Cash flows from financing activities
Issuance of long-term debt ........................................... 492.8 23.0 0.6
Net change in credit and receivables facilities with initial maturities less than
90 days ........................................................ (42.1) (2.0) 130.0
Repayment of debt ................................................. (506.5) (105.7) (219.1)
Debt issuance costs and consent fees ................................... (15.3) (0.3) (1.3)
Issuance of common shares — exercise of stock options ................... — 0.3 2.5
Preferred stock dividends ............................................ (10.4) (10.4) (10.4)
Common stock repurchase ........................................... (73.2) (76.8) —
Other ............................................................ (0.8) (0.9) (0.9)
Net cash used in financing activities ..................................... (155.5) (172.8) (98.6)
Net increase (decrease) in cash and cash equivalents ........................ 16.3 (19.4) (53.3)
Cash and cash equivalents at beginning of year ............................. 6.7 26.1 79.4
Cash and cash equivalents at end of year .................................. $ 23.0 $ 6.7 $ 26.1
The accompanying notes are an integral part of the consolidated financial statements.
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