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Table of Contents
EARTHLINK HOLDINGS CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended December 31,
2013
2014
2015
Cash flows from operating activities: (in thousands)
Net loss $ (538,827)
$ (72,752)
$ (43,210)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization 183,114
186,872
188,315
Impairment of goodwill and long-lived assets 255,599
14,334
—
Non-cash income taxes 212,870
591
677
Stock-based compensation 13,275
12,600
14,594
Amortization of debt discount, premium and issuance costs 2,061
4,104
3,703
Loss on extinguishment of debt 2,080
—
9,734
Other operating activities (354)
(81)
356
Decrease in accounts receivable, net 12,039
8,191
17,892
Decrease in prepaid expenses and other assets 6,245
4,457
3,281
Decrease in accounts payable and accrued and other liabilities (22,321)
(12,792)
(24,171)
Decrease in deferred revenue (1,625)
(5,529)
(3,723)
Net cash provided by operating activities 124,156
139,995
167,448
Cash flows from investing activities:
Purchases of property and equipment (143,614)
(102,863)
(87,468)
Purchases of marketable securities (41,209)
—
—
Sales and maturities of marketable securities 88,060
—
—
Purchase of business, net of cash acquired (16,806)
—
—
Purchase of customer relationships (1,195)
—
—
Other investing activities 2,264
86
—
Net cash used in investing activities (112,500)
(102,777)
(87,468)
Cash flows from financing activities:
Proceeds from issuance of debt, net of issuance costs 290,565
—
89,761
Repayment of debt and capital lease obligations (316,345)
(1,498)
(187,905)
Payment of dividends (20,795)
(16,013)
(26,388)
Repurchases of common stock (6,066)
(2,210)
—
Proceeds from exercises of stock options —
—
1,715
Net cash used in financing activities (52,641)
(19,721)
(122,817)
Net (decrease) increase in cash and cash equivalents (40,985)
17,497
(42,837)
Cash and cash equivalents, beginning of year 157,621
116,636
134,133
Cash and cash equivalents, end of year $ 116,636
$ 134,133
$ 91,296
The accompanying notes are an integral part of these financial statements.
63