Dish Network 2005 Annual Report Download - page 91

ECHOSTAR COMMUNICATIONS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
The accompanying notes are an integral part of these consolidated financial statements.
F–6
For the Years Ended December 31,
2006 2005 2004
Cash Flows From Operating Activities:
Net income (loss)...................................................................................................................................................... 608,272$ 1,514,540$ 214,769$
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation and amortization............................................................................................................................. 1,114,294 805,573 505,561
Equity in losses (earnings) of affiliates................................................................................................................ 4,749 (1,579) (5,686)
Realized and unrealized losses (gains) on investments........................................................................................ (53,543) (42,813) 9,031
Gain on insurance settlement............................................................................................................................... - (134,000) -
Non-cash, stock-based compensation recognized................................................................................................ 17,645 302 1,180
Deferred tax expense (benefit) (Note 6).............................................................................................................. 252,340 (539,885) 5,362
Amortization of debt discount and deferred financing costs................................................................................ 10,023 6,301 22,262
Other, net............................................................................................................................................................. (4,330) 4,086 9,942
Change in noncurrent assets................................................................................................................................ 54,462 21,756 (114,705)
Change in long-term deferred revenue, distribution and carriage payments and other long-term liabilities........ 26,018 (49,112) 109,522
Changes in current assets and current liabilities:
Trade accounts receivable............................................................................................................................... (190,218) (5,653) (122,986)
Allowance for doubtful accounts..................................................................................................................... 3,483 1,981 (2,643)
Inventories ...................................................................................................................................................... 16,743 71,988 (73,161)
Other current assets ........................................................................................................................................ 5,700 (20,052) (44,757)
Trade accounts payable .................................................................................................................................. 47,182 (7,426) 76,152
Deferred revenue and other............................................................................................................................. 54,082 (2,961) 211,161
Accrued programming and other accrued expenses ........................................................................................ 312,340 151,028 200,438
Net cash flows from operating activities ..................................................................................................... 2,279,242 1,774,074 1,001,442
Cash Flows From Investing Activities:
Purchases of marketable investment securities......................................................................................................... (2,046,882) (676,478) (1,932,789)
Sales and maturities of marketable investment securities......................................................................................... 1,474,662 552,521 4,096,005
Purchases of property and equipment....................................................................................................................... (1,396,318) (1,506,394) (980,587)
Proceeds from insurance settlement......................................................................................................................... - 240,000 -
Change in cash reserved for satellite insurance........................................................................................................ - - 158,335
Change in restricted cash and marketable investment securities............................................................................... (1,243) (16,728) 7,590
Asset acquisition....................................................................................................................................................... - - (238,610)
FCC auction deposits................................................................................................................................................ - 1,555 (26,684)
Purchase of FCC licenses......................................................................................................................................... - (8,961) -
Purchase of technology-based intangibles................................................................................................................ - (25,500) -
Purchase of strategic investments included in noncurrent assets and other.............................................................. (27,572) (19,822) -
Proceeds from sale of strategic investment included in noncurrent assets................................................................ 9,682 - -
Other......................................................................................................................................................................... (6,282) (535) (4,979)
Net cash flows from investing activities ..................................................................................................... (1,993,953) (1,460,342) 1,078,281
Cash Flows From Financing Activities:
Proceeds from issuance of 7 1/8% Senior Notes due 2016...................................................................................... 1,500,000 - -
Proceeds from issuance of 7% Senior Notes due 2013............................................................................................. 500,000 - -
Proceeds from issuance of 6 5/8% Senior Notes due 2014 ..................................................................................... - - 1,000,000
Proceeds from issuance of 3% Convertible Subordinated Notes due 2011 ............................................................. - - 25,000
Redemption of Floating Rate Senior Notes due 2008.............................................................................................. (500,000) -
-
Redemption and repurchases of 9 1/8% Senior Notes due 2009, respectively......................................................... (441,964) (4,189) (8,847)
Redemption of 10 3/8% Senior Notes due 2007 ..................................................................................................... - - (1,000,000)
Redemption of 9 3/8% Senior Notes due 2009........................................................................................................ - - (1,423,351)
Class A common stock repurchases (Note 7)........................................................................................................... (11,677) (362,512) (809,609)
Deferred debt issuance costs .................................................................................................................................... (14,210) - (3,159)
Cash dividend on Class A and Class B common stock ............................................................................................ - - (455,650)
Repayment of capital lease obligations, mortgages and other notes payable............................................................ (41,015) (45,961) (6,998)
Net proceeds from Class A common stock options exercised and Class A common stock issued
under Employee Stock Purchase Plan................................................................................................................... 23,957 10,039 16,592
Tax benefits recognized on stock option exercises .................................................................................................. 7,056 - -
Net cash flows from financing activities ..................................................................................................... 1,022,147 (402,623) (2,666,022)
Net increase (decrease) in cash and cash equivalents .............................................................................................. 1,307,436 (88,891) (586,299)
Cash and cash equivalents, beginning of period....................................................................................................... 615,669 704,560 1,290,859
Cash and cash equivalents, end of period................................................................................................................. 1,923,105$ 615,669$ 704,560$