Dish Network 2000 Annual Report Download - page 57

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ECHOSTAR COMMUNICATIONS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
See accompanying Notes to Consolidated Financial Statements.
F–6
Year Ended December 31,
1998 1999 2000
Cash Flows From Operating Activities:
Net loss........................................................................................................................................................ $(260,882) $(792,847) $(621,211)
Adjustments to reconcile net loss to net cash flows from operating activities:
Extraordinary charge for early retirement of debt ................................................................................. –268,999 –
Loss on impairment of satellite (Note 3) ............................................................................................... –13,741 –
Loss on disposal of assets....................................................................................................................... –9,852 1,374
Loss (gain) on sale of investments ......................................................................................................... –(24,439) 3,039
Deferred stock-based compensation recognized.................................................................................... –61,060 51,465
Depreciation and amortization............................................................................................................... 83,767 113,228 185,356
Amortization of subscriber acquisition costs ......................................................................................... 18,869 – –
Amortization of debt discount and deferred financing costs ................................................................. 125,724 13,678 6,506
Change in reserve for excess and obsolete inventory ............................................................................ 1,341 (1,234) 5,959
Change in long-term deferred satellite services revenue and other long-term liabilities ...................... 13,856 10,173 37,236
Superstar exclusivity fee......................................................................................................................... –(10,000) 3,611
Other, net ................................................................................................................................................ 2,291 1,829 6,875
Changes in current assets and current liabilities:
Trade accounts receivable, net........................................................................................................... (41,159) (52,452) (111,898)
Inventories.......................................................................................................................................... (55,056) (45,688) (41,851)
Other current assets............................................................................................................................ (10,264) (4,091) (8,296)
Trade accounts payable ..................................................................................................................... 22,136 103,400 27,250
Deferred revenue ............................................................................................................................... 10,275 48,549 100,776
Accrued expenses .............................................................................................................................. 72,212 227,729 235,132
Net cash flows from operating activities .................................................................................................... (16,890) (58,513) (118,677)
Cash Flows From Investing Activities:
Purchases of marketable investment securities........................................................................................... (570,096) (541,401) (1,363,884)
Sales of marketable investment securities .................................................................................................. 627,860 434,517 1,041,784
Purchases of restricted marketable investment securities........................................................................... –(5,928) –
Cash reserved for satellite insurance (Note 3)............................................................................................ – – (82,393)
Funds released from escrow and restricted cash and marketable investment securities............................ 116,468 80,585 –
Purchases of property and equipment......................................................................................................... (161,140) (91,152) (331,401)
Advances and payments under in-orbit satellite contract........................................................................... –67,804 (48,894)
Issuance of notes receivable........................................................................................................................ (17,666) –(8,675)
Investment in Wildblue Communications. ................................................................................................. – – (50,000)
Investment in Replay TV............................................................................................................................ – – (10,000)
Investment in StarBand Communications .................................................................................................. – – (50,045)
Other............................................................................................................................................................ (3,474) (7,251) (8,449)
Net cash flows from investing activities..................................................................................................... (8,048) (62,826) (911,957)
Cash Flows From Financing Activities:
Proceeds from issuance of 9 1/4% Seven Year Notes................................................................................ –375,000 –
Proceeds from issuance of 9 3/8% Ten Year Notes ................................................................................... –1,625,000 –
Proceeds from issuance of 4 7/8% Convertible Notes ............................................................................... –1,000,000 –
Proceeds from issuance of 10 3/8% Seven Year Notes.............................................................................. – – 1,000,000
Debt issuance costs and prepayment premiums ......................................................................................... –(293,987) (9,645)
Retirement of 1994 Notes ........................................................................................................................... –(575,674) –
Retirement of 1996 Notes ........................................................................................................................... –(501,350) –
Retirement of 1997 Notes ........................................................................................................................... –(378,110) –
Retirement of Senior Exchange Notes........................................................................................................ –(228,528) –
Redemption of Series A Preferred Stock.................................................................................................... –(90,934) –
Repayments of mortgage indebtedness and other notes payable ............................................................... (16,552) (22,201) (17,668)
Net proceeds from Class A Common Stock options exercised.................................................................. 2,459 7,164 11,009
Net proceeds from Class A Common Stock issued for Employee Stock Purchase Plan and proceeds
from 6 3/4% Series C Cumulative Convertible Preferred Stock deposit account .................................. 371 1,751 577
Other............................................................................................................................................................ –1,960 (2,120)
Net cash flows from financing activities .................................................................................................... (13,722) 920,091 982,153
Net increase (decrease) in cash and cash equivalents................................................................................. (38,660) 798,752 (48,481)
Cash and cash equivalents, beginning of year............................................................................................ 145,207 106,547 905,299
Cash and cash equivalents, end of year ...................................................................................................... $ 106,547 $ 905,299 $ 856,818