Cincinnati Bell 2013 Annual Report Download - page 156

Cincinnati Bell Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in millions)
Year Ended December 31,
2013 2012 2011
Cash flows from operating activities
Net (loss) income ........................................................ $ (54.7) $ 11.2 $ 18.6
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization ............................................ 169.6 217.4 199.5
Loss on extinguishment of debt ........................................... 29.6 13.6 —
Loss from CyrusOne equity method investment ............................... 10.7 — —
Loss (gain) on sale of assets .............................................. 2.4 (1.6) (8.4)
Impairment of goodwill and other assets .................................... — 14.2 52.4
Provision for loss on receivables ........................................... 11.3 13.9 13.9
Noncash portion of interest expense ........................................ 7.5 7.8 7.7
Deferred income tax expense, including valuation allowance change .............. (2.7) 21.6 24.9
Pension and other postretirement benefits in excess of expense ................... (49.7) (28.4) (19.5)
Stock-based compensation ............................................... 4.9 5.2 4.1
Excess tax benefit for share based payments ................................. (0.5) (2.4) —
Other, net ............................................................. (6.7) (1.4) (3.7)
Changes in operating assets and liabilities, net of effects of divestitures:
Decrease (increase) in receivables ......................................... 0.5 (33.6) (10.6)
Increase in inventory, materials, supplies, prepaid expenses and other current
assets .............................................................. (0.8) (14.5) (5.9)
(Decrease) increase in accounts payable ..................................... (17.7) (6.9) 19.2
Decrease in accrued and other current liabilities .............................. (18.1) (10.0) (0.5)
Decrease in other noncurrent assets ........................................ 0.8 4.6 1.1
(Decrease) increase in other noncurrent liabilities ............................. (7.6) 2.0 (2.9)
Net cash provided by operating activities ...................................... 78.8 212.7 289.9
Cash flows from investing activities
Capital expenditures .................................................... (196.9) (367.2) (255.5)
Dividends received from CyrusOne ........................................ 21.3 — —
Proceeds from sale of assets .............................................. 2.0 1.6 11.5
Increase in restricted cash ................................................ — (11.1) —
Release of restricted cash ................................................ 0.4 4.9 —
Cash divested from deconsolidation of CyrusOne ............................. (12.2) — —
Other, net ............................................................. — — (0.7)
Net cash used in investing activities .......................................... (185.4) (371.8) (244.7)
Cash flows from financing activities
Proceeds from issuance of long-term debt ................................... 536.0 525.0 —
Net increase in corporate credit and receivables facilities with initial maturities less
than 90 days ......................................................... 94.2 52.0 0.4
Repayment of debt ..................................................... (530.8) (442.4) (11.5)
Debt issuance costs ..................................................... (6.7) (20.9) (0.8)
Dividends paid on preferred stock ......................................... (10.4) (10.4) (10.4)
CyrusOne stock issuance costs ............................................ — (5.7) —
Common stock repurchase ............................................... — (0.3) (10.4)
Proceeds from exercise of options and warrants ............................... 7.1 12.1 0.4
Excess tax benefit for share based payments ................................. 0.5 2.4 —
Financing obligations and other, net ........................................ (2.3) (2.8) (16.5)
Net cash provided by (used in) financing activities .............................. 87.6 109.0 (48.8)
Net decrease in cash and cash equivalents ..................................... (19.0) (50.1) (3.6)
Cash and cash equivalents at beginning of year ................................. 23.6 73.7 77.3
Cash and cash equivalents at end of year ...................................... $ 4.6 $ 23.6 $ 73.7
The accompanying notes are an integral part of the consolidated financial statements.
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Form 10-K Part II Cincinnati Bell Inc.