DIRECTV 2009 Annual Report Download - page 89

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DIRECTV
CONSOLIDATED STATEMENTS OF CASH FLOWS
Years Ended December 31,
2009 2008 2007
(Dollars in Millions)
Cash Flows From Operating Activities
Net income ...................................................... $1,007 $ 1,613 $ 1,462
Income from discontinued operations, net of taxes ............................. — (6) (17)
Income from continuing operations ....................................... 1,007 1,607 1,445
Adjustments to reconcile income from continuing operations to net cash provided by operating
activities:
Depreciation and amortization ........................................ 2,640 2,320 1,684
Amortization of deferred revenues and deferred credits ........................ (48) (104) (98)
Dividends received ................................................ 94 35 —
Share-based compensation expense ..................................... 55 51 49
Net loss from impairment of investments .................................. 45 — —
Net foreign currency transaction gain .................................... (62) — —
Liberty transaction and related charges ................................... 491 — —
Deferred income taxes ............................................. 441 107 439
Other ........................................................ (3) (24) (15)
Change in operating assets and liabilities:
Accounts and notes receivable ....................................... (141) 95 (166)
Inventories ................................................... (12) 18 (45)
Prepaid expenses and other ......................................... (5) (96) 46
Accounts payable and accrued liabilities ................................. (215) (23) 255
Unearned subscriber revenues and deferred credits .......................... 55 8 72
Other, net .................................................... 89 (84) (21)
Net cash provided by operating activities ............................... 4,431 3,910 3,645
Cash Flows From Investing Activities
Cash paid for property and equipment ..................................... (2,012) (2,101) (2,523)
Cash paid for satellites .............................................. (59) (128) (169)
Cash paid for Liberty transaction, net of cash acquired .......................... (97) — —
Investment in companies, net of cash acquired ................................ (37) (204) (348)
Purchase of short-term investments ....................................... — — (588)
Sale of short-term investments .......................................... — — 748
Other, net ...................................................... 11 45 58
Net cash used in investing activities .................................. (2,194) (2,388) (2,822)
Cash Flows From Financing Activities
Cash proceeds from debt issuance ....................................... 1,990 2,490 —
Debt issuance costs ................................................. (14) (19) —
Repayment of long-term debt .......................................... (1,018) (53) (220)
Repayment of collar loan ............................................. (751) — —
Net increase in short-term borrowings ..................................... — — 2
Repayment of other long-term obligations .................................. (116) (117) (121)
Common shares repurchased and retired ................................... (1,696) (3,174) (2,025)
Capital contribution ................................................ — 160 —
Stock options exercised .............................................. 35 105 118
Taxes paid in lieu of shares issued for share-based compensation .................... (72) — —
Excess tax benefit from share-based compensation .............................587
Net cash used in financing activities .................................. (1,637) (600) (2,239)
Net increase (decrease) in cash and cash equivalents ............................. 600 922 (1,416)
Cash and cash equivalents at beginning of the year .............................. 2,005 1,083 2,499
Cash and cash equivalents at end of the year .................................. $2,605 $ 2,005 $ 1,083
Supplemental Cash Flow Information
Cash paid for interest ............................................... $ 412 $ 334 $ 230
Cash paid for income taxes ............................................ 484 706 408
The accompanying notes are an integral part of these Consolidated Financial Statements.
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