Metro PCS 2009 Annual Report Download - page 155

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MetroPCS Communications, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2009, 2008 and 2007
F-41
Consolidated Statement of Cash Flows
Year Ended December 31, 2009
Parent Issuer
Guarantor
Subsidiaries
Non-Guarantor
Subsidiaries Eliminations Consolidated
(in thousands)
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income (loss) ....................................................... . $ 176,844 $ 174,388 $ 553,413 $ (151,055) $ (576,746) $ 176,844
Adjustments to reconcile net income (loss) to net
cash provided by (used in) operating activities:
Depreciation and amortization ................................... — 228 325,589 52,039 — 377,856
Provision for uncollectible accounts receivable ........ — 199 — — — 199
Deferred rent expense ................................................ — — 20,107 4,115 — 24,222
Cost of abandoned cell sites....................................... — — 5,274 3,012 — 8,286
Stock-based compensation expense........................... — — 47,783 — — 47,783
Non-cash interest expense.......................................... — 11,309 — — — 11,309
(Gain) loss on disposal of assets ................................ — — (4,884) 201 — (4,683)
Gain on sale of investments ....................................... (644) — — —— (644)
Accretion of asset retirement obligations .................. — — 4,380 731 — 5,111
Accretion of put option in majority-owned
subsidiary ................................................................. — 1,567 — — — 1,567
Impairment loss in investment securities................... 2,386 — — — — 2,386
Deferred income taxes................................................ — 110,925 (764) — — 110,161
Changes in assets and liabilities................................. 80,199 (324,674) (175,735) (994) 560,156 138,952
Net cash provided by (used in) operating
activities ................................................................... 258,785 (26,058) 775,163 (91,951) (16,590) 899,349
CASH FLOWS FROM INVESTING
ACTIVITIES:
Purchases of property and equipment........................ — (9,177) (757,503) (64,994) — (831,674)
Change in prepaid purchases of property and
equipment................................................................. — (33,115) — — — (33,115)
Proceeds from sale of plant and equipment ............... — — 434 4,896 — 5,330
Purchase of investments............................................. (486,645) — — — — (486,645)
Proceeds from sale and maturity of investments ....... 262,500 — — — — 262,500
Change in restricted cash and investments ................ — (15,113) — — — (15,113)
Purchases of and deposits for FCC licenses .............. — (3,800) (11,717) — — (15,517)
Proceeds from exchange of FCC licenses.................. — — 949 — — 949
Issuance of related party debt..................................... — (465,000) — — 465,000 —
Proceeds from related party debt ............................... — 296,700 — — (296,700) —
Microwave relocation costs ....................................... ——(3,669) — — (3,669)
Net cash used in investing activities .......................... (224,145) (229,505) (771,506) (60,098) 168,300 (1,116,954)
CASH FLOWS FROM FINANCING
ACTIVITIES:
Change in book overdraft........................................... — (17,047) — (3,267) — (20,314)
Proceeds from long-term loan.................................... — — — 465,000 (465,000) —
Proceeds from 9 ¼% Senior Notes Due 2014 ........... — 492,250 — — — 492,250
Debt issuance costs .................................................... — (11,925) — — — (11,925)
Repayment of debt ..................................................... — (16,000) — (296,700) 296,700 (16,000)
Payments on capital lease obligations ....................... — — (3,599) (16,590) 16,590 (3,599)
Proceeds from exercise of stock options.................... 8,626 — — — — 8,626
Net cash provided by (used in) financing
activities ................................................................... 8,626 447,278 (3,599) 148,443 (151,710) 449,038
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS ........................................ 43,266 191,715 58 (3,606) — 231,433
CASH AND CASH EQUIVALENTS,
beginning of period ................................................ 598,823 78,121 624 20,380 —697,948
CASH AND CASH EQUIVALENTS, end of
period....................................................................... $ 642,089 $ 269,836 $ 682 $ 16,774 $ — $ 929,381