Dish Network 2007 Annual Report Download - page 92

Table of Contents
ECHOSTAR COMMUNICATIONS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
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 benefit 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
)