Metro PCS 2008 Annual Report Download - page 146

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MetroPCS Communications, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2008, 2007 and 2006
F-44
Consolidated Statement of Cash Flows
Year Ended December 31, 2006
Parent Issuer
Guarantor
Subsidiaries
Non-
Guarantor
Subsidiaries Elimination Consolidated
(In Thousands)
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income (loss) .................................................. $ 53,807 $ 77,504 $ 271,709 $ (56,914) $ (292,300) $ 53,806
Adjustments to reconcile net income (loss) to net
cash (used in) provided by operating activities:
Depreciation and amortization............................. — — 134,708 320 — 135,028
Provision for uncollectible accounts
receivable ........................................................... — 31 — — — 31
Deferred rent expense .......................................... — — 7,045 419 — 7,464
Cost of abandoned cell sites................................. — — 1,421 2,362 — 3,783
Non-cash interest expense.................................... 4,810 1,681 473 40,129 (40,129) 6,964
Loss on disposal of assets .................................... — — 8,806 — — 8,806
Loss (gain) on extinguishment of debt ................ 9,345 42,415 (242) — — 51,518
Gain on sale of investments ................................. (815) (1,570) — — — (2,385)
Accretion of asset retirement obligation.............. — — 706 63 — 769
Accretion of put option in majority-owned
subsidiary ........................................................... — 770 — — — 770
Deferred income taxes ......................................... (613) 32,954 — — — 32,341
Stock-based compensation expense..................... — — 14,472 — — 14,472
Changes in assets and liabilities............................ 1,334,686 (1,758,916) 29,988 13,162 432,474 51,394
Net cash provided by (used in) operating
activities .............................................................. 1,401,220 (1,605,131) 469,086 (459) 100,045 364,761
CASH FLOWS FROM INVESTING
ACTIVITIES:
Purchases of property and equipment.................. — (19,326) (472,020) (59,403) — (550,749)
Change in prepaid purchases of property and
equipment........................................................... — (7,826) 2,564 — — (5,262)
Proceeds from sale of property and equipment ... — — 3,021 — — 3,021
Purchase of investments....................................... (326,517) (943,402) — — — (1,269,919)
Proceeds from sale of investments....................... 333,159 939,265 — — — 1,272,424
Change in restricted cash and investments .......... — 2,448 9 (51) — 2,406
Purchases of and deposits for FCC licenses ........ (1,391,410) — (176) — — (1,391,586)
Net cash used in investing activities ..................... (1,384,768) (28,841) (466,602) (59,454) — (1,939,665)
CASH FLOWS FROM FINANCING
ACTIVITIES:
Change in book overdraft..................................... — 11,368 — — — 11,368
Proceeds from bridge credit agreements.............. 1,500,000 — — — — 1,500,000
Proceeds from Senior Secured Credit Facility..... — 1,600,000 — — — 1,600,000
Proceeds from 9¼% Senior Notes ....................... — 1,000,000 — — — 1,000,000
Proceeds from minority interest in subsidiary ..... — 2,000 — — — 2,000
Proceeds from long-term note to parent .............. — — — 100,045 (100,045) —
Debt issuance costs .............................................. (14,106) (44,683) — — — (58,789)
Repayment of debt ............................................... (1,500,000) (935,539) (2,446) — — (2,437,985)
Proceeds from termination of cash flow hedging
derivative............................................................ — 4,355 — — — 4,355
Proceeds from exercise of stock options and
warrants .............................................................. 2,744 — — — — 2,744
Net cash (used in) provided by financing
activities .............................................................. (11,362) 1,637,501 (2,446) 100,045 (100,045) 1,623,693
INCREASE IN CASH AND CASH
EQUIVALENTS................................................ 5,090 3,529 38 40,132 — 48,789
CASH AND CASH EQUIVALENTS,
beginning of year............................................... 10,624 95,772 219 6,094 — 112,709
CASH AND CASH EQUIVALENTS, end of
year ..................................................................... $ 15,714 $ 99,301 $ 257 $ 46,226 $ — $ 161,498