Dish Network 2009 Annual Report Download - page 97

DISH NETWORK CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
The accompanying notes are an integral part of these consolidated financial statements.
F-7
2009 2008 2007
Cash Flows From Operating Activities:
Net income (loss)....................................................................................................................................................... 635,403$ 902,947$ 756,054$
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation and amortization.............................................................................................................................. 940,033 1,000,230 1,329,410
Equity in losses (earnings) of affiliates................................................................................................................. 4,149 1,519 5,866
Realized and unrealized losses (gains) on investments......................................................................................... 13,811 169,370 45,620
Non-cash, stock-based compensation .................................................................................................................. 12,227 15,349 23,016
Deferred tax expense (benefit) (Note 10)............................................................................................................. 4,630 392,318 398,931
Other, net.............................................................................................................................................................. 8,505 7,328 7,529
Change in noncurrent assets.................................................................................................................................. 6,507 7,832 2,657
Change in long-term deferred revenue, distribution and carriage payments and other long-term liabilities......... 31,658 (98,957) (15,475)
Changes in current assets and current liabilities:
Trade accounts receivable - other..................................................................................................................... 56,536 (138,768) (25,764)
Allowance for doubtful accounts...................................................................................................................... 1,165 1,188 (987)
Prepaid income taxes........................................................................................................................................ 113,641 (148,747) -
Trade accounts receivable - EchoStar............................................................................................................... (16,777) (20,604) -
Inventory........................................................................................................................................................... 51,411 (158,498) (88,364)
Other current assets .......................................................................................................................................... (35,593) 18,403 13,783
Trade accounts payable .................................................................................................................................... (33,420) (120,739) 32,019
Trade accounts payable - EchoStar .................................................................................................................. (27,088) 297,629 -
Deferred revenue and other............................................................................................................................... (14,116) (27,317) 25,473
Tivo litigation accrual....................................................................................................................................... 361,024 - -
Accrued programming and other accrued expenses.......................................................................................... 80,837
87,861
106,952
Net cash flows from operating activities .................................................................................................. 2,194,543 2,188,344 2,616,720
Cash Flows From Investing Activities:
Purchases of marketable investment securities.......................................................................................................... (6,017,798) (4,648,931) (3,653,939)
Sales and maturities of marketable investment securities.......................................................................................... 4,570,124 4,708,338 3,078,432
Purchases of property and equipment........................................................................................................................ (1,037,190) (1,129,890) (1,444,522)
Change in restricted cash and marketable investment securities................................................................................ (58,209) 79,638 2,267
FCC authorizations.................................................................................................................................................... - (711,871) (97,463)
Investment in Sling Media, net of in-process research and development and cash acquired..................................... - - (319,928)
Purchase of strategic investments included in noncurrent marketable and other investment securities .................... (62,142) - (71,903)
Proceeds from sale of strategic investment................................................................................................................ - 106,200 33,474
Other.......................................................................................................................................................................... (341) (955) 2,750
Net cash flows from investing activities ................................................................................................... (2,605,556) (1,597,471) (2,470,832)
Cash Flows From Financing Activities:
Distribution of cash and cash equivalents to EchoStar in connection with the Spin-off ........................................... - (585,147) -
Proceeds from issuance of long-term debt................................................................................................................. 1,400,000 750,000 -
Deferred debt issuance costs ..................................................................................................................................... (23,090) (4,972) -
Repayment of long-term debt and capital lease obligations....................................................................................... (51,301) (1,510,000) (1,043,708)
Class A common stock repurchases........................................................................................................................... (18,594) (82,733) -
Net proceeds from Class A common stock options exercised
and issued under the Employee Stock Purchase Plan............................................................................................. 5,418 21,011 54,674
Cash dividend on Class A and Class B common stock.............................................................................................. (894,150) - -
Excess tax benefits recognized on stock option exercises ........................................................................................ - -
13,018
Net cash flows from financing activities ................................................................................................... 418,283 (1,411,841) (976,016)
Net increase (decrease) in cash and cash equivalents ............................................................................................... 7,270 (820,968) (830,128)
Cash and cash equivalents, beginning of period........................................................................................................ 98,574 919,542 1,749,670
Cash and cash equivalents, end of period.................................................................................................................. 105,844$ 98,574$ 919,542$
For the Years Ended December 31,