Dish Network 2011 Annual Report Download - page 101

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DISH NETWORK CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
The accompanying notes are an integral part of these consolidated financial statements.
F-7
2011 2010 2009
Cash Flows From Operating Activities:
Net income (loss)........................................................................................................................................................ 1,515,578$ 984,732$ 635,403$
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation and amortization.............................................................................................................................. 922,073 983,965 940,033
Realized and unrealized losses (gains) on investments.......................................................................................... (8,019) (33,703) 13,811
Non-cash, stock-based compensation.................................................................................................................... 31,521 15,387 12,227
Deferred tax expense (benefit) (Note 12).............................................................................................................. 627,927 201,400 4,630
Other, net............................................................................................................................................................... 16,150 17,721 12,654
Change in noncurrent assets.................................................................................................................................. 16,976 401 6,507
Change in long-term deferred revenue, distribution and carriage payments and other long-term liabilities.......... 21,604 (124,759) 31,658
Changes in current assets and current liabilities:
Trade accounts receivable - other...................................................................................................................... 34,266 (41,652) 56,536
Allowance for doubtful accounts....................................................................................................................... (17,300) 13,278 1,165
Prepaid income taxes......................................................................................................................................... 72,638 (37,532) 113,641
Trade accounts receivable - EchoStar............................................................................................................... (2,109) 24,192 (16,777)
Inventory........................................................................................................................................................... (139,225) (229,154) 51,411
Other current assets........................................................................................................................................... (15,054) 2,461 (35,593)
Trade accounts payable..................................................................................................................................... 32,592 20,218 (33,420)
Trade accounts payable - EchoStar................................................................................................................... (9,145) (32,544) (27,088)
Deferred revenue and other............................................................................................................................... 10,568 (11,896) (14,116)
Litigation expense accrual (Note 16)................................................................................................................. (316,949) 225,456 361,024
Litigation settlement payments (Note 16).......................................................................................................... (350,000) - -
Accrued programming and other accrued expenses.......................................................................................... 129,786 161,831
80,837
Net cash flows from operating activities.................................................................................................... 2,573,878 2,139,802 2,194,543
Cash Flows From Investing Activities:
Purchases of marketable investment securities........................................................................................................... (5,407,328) (5,359,284) (6,017,798)
Sales and maturities of marketable investment securities........................................................................................... 6,210,191 5,090,462 4,570,124
Purchases of property and equipment......................................................................................................................... (778,905) (1,113,219) (1,037,190)
Launch service assigned from EchoStar (Note 20)..................................................................................................... - (102,913) -
Change in restricted cash and marketable investment securities................................................................................ 12,361 (2,921) (58,209)
Investment in DBSD North America (Note 10)......................................................................................................... (1,139,201) - -
TerreStar Transaction (Note 10)................................................................................................................................ (1,345,000) - -
Purchase of Blockbuster assets, net of cash acquired of $107,061 (Note 9).............................................................. (126,523) - -
Sprint Settlement Agreement (Note 10)..................................................................................................................... (114,150) - -
Purchase of other strategic investments...................................................................................................................... (9,275) (11,742) (62,142)
Proceeds from sale of strategic investments............................................................................................................... 11,327 22,002 -
Other........................................................................................................................................................................... (8,825) 94 (341)
Net cash flows from investing activities..................................................................................................... (2,695,328) (1,477,521) (2,605,556)
Cash Flows From Financing Activities:
Proceeds from issuance of long-term debt.................................................................................................................. 2,000,000 - 1,400,000
Debt issuance costs..................................................................................................................................................... (27,261) - (23,090)
Repayment of long-term debt and capital lease obligations....................................................................................... (32,236) (26,910) (51,301)
Repurchases and redemption of 6 3/8% Senior Notes due 2011................................................................................ (1,000,000) - -
Class A common stock repurchases (Note 13)........................................................................................................... - (107,079) (18,594)
Net proceeds from Class A common stock options exercised
and stock issued under the Employee Stock Purchase Plan..................................................................................... 39,995 6,520 5,418
Cash dividend on Class A and Class B common stock............................................................................................... (893,278) - (894,150)
Other........................................................................................................................................................................... 6,777 16 -
Net cash flows from financing activities.................................................................................................... 93,997 (127,453) 418,283
Effect of exchange rates on cash and cash equivalents............................................................................. (4,111) - -
Net increase (decrease) in cash and cash equivalents................................................................................................. (31,564) 534,828 7,270
Cash and cash equivalents, beginning of period......................................................................................................... 640,672 105,844 98,574
Cash and cash equivalents, end of period................................................................................................................... 609,108$ 640,672$ 105,844$
For the Years Ended December 31,