Metro PCS 2008 Annual Report Download - page 145

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MetroPCS Communications, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2008, 2007 and 2006
F-43
Consolidated Statement of Cash Flows
Year Ended December 31, 2007
Parent Issuer
Guarantor
Subsidiaries
Non-
Guarantor
Subsidiaries Elimination Consolidated
(In Thousands)
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income (loss) .................................................. $ 100,403 $ 166,009 $ 531,759 $ (108,058) $ (589,710) $ 100,403
Adjustments to reconcile net income (loss) to net
cash provided by (used in) activities:
Depreciation and amortization............................. — 55 169,452 8,695 — 178,202
Provision for uncollectible accounts
receivable ........................................................... — 129 — — — 129
Deferred rent expense .......................................... — — 11,324 2,421 — 13,745
Cost of abandoned cell sites................................. — — 1,920 4,784 — 6,704
Non-cash interest expense.................................... — 3,266 — 47,915 (47,922) 3,259
Loss on disposal of assets .................................... — — 655 — — 655
Impairment loss on investment securities............ 97,800 — — — — 97,800
Gain on sale of investments ................................. (6,586) (3,920) — — — (10,506)
Accretion of asset retirement obligation.............. — — 1,111 328 — 1,439
Accretion of put option in majority-owned
subsidiary ........................................................... — 1,003 — — — 1,003
Deferred income taxes ......................................... — 118,524 — — — 118,524
Stock-based compensation expense..................... — — 28,024 — — 28,024
Changes in assets and liabilities............................ (177,591) (402,354) (185,593) (1,040) 816,503 49,925
Net cash provided by (used in) operating
activities .............................................................. 14,026 (117,288) 558,652 (44,955) 178,871 589,306
CASH FLOWS FROM INVESTING
ACTIVITIES:
Purchases of property and equipment.................. — (84,514) (543,962) (122,907) (16,326) (767,709)
Change in prepaid purchases of property and
equipment........................................................... — (2,391) (17,601) — — (19,992)
Proceeds from sale of property and equipment ... — — 3,759 — — 3,759
Purchase of investments....................................... (2,037,803) (1,320,624) — — — (3,358,427)
Proceeds from sale of investments....................... 1,981,563 1,644,085 — — — 3,625,648
Change in restricted cash and investments .......... — 556 — (262) — 294
Microwave relocation costs ................................. — — (661) — — (661)
Net cash (used in) provided by investing
activities .............................................................. (56,240) 237,112 (558,465) (123,169) (16,326) (517,088)
CASH FLOWS FROM FINANCING
ACTIVITIES:
Change in book overdraft..................................... — 9,743 — (5,632) — 4,111
Proceeds from 9¼% Senior Notes ....................... — 423,500 — — — 423,500
Proceeds from initial public offering................... 862,500 — — — — 862,500
Proceeds from long-term note to parent .............. — — — 196,000 (196,000) —
Cost of raising capital .......................................... (44,234) — — — — (44,234)
Debt issuance costs .............................................. — (3,091) — — — (3,091)
Payments on capital lease obligations ................. — — — (931) 931 —
Repayment of debt ............................................... — (16,000) — (32,524) 32,524 (16,000)
Proceeds from exercise of stock options ............. 9,706 — — — — 9,706
Net cash provided by financing activities............. 827,972 414,152 — 156,913 (162,545) 1,236,492
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS ................................... 785,758 533,976 187 (11,211) — 1,308,710
CASH AND CASH EQUIVALENTS,
beginning of year............................................... 15,714 99,301 257 46,226 — 161,498
CASH AND CASH EQUIVALENTS, end of
year ..................................................................... $ 801,472 $ 633,277 $ 444 $ 35,015 $ — $ 1,470,208