Cincinnati Bell 2014 Annual Report Download - page 75

Table of Contents
Form 10-K Part II
Cincinnati Bell Inc.
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Net income (loss) $ 75.6
$ (54.7)
$ 11.2
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization 231.0
169.6
217.4
Loss on extinguishment of debt 19.6
29.6
13.6
Loss from CyrusOne equity method investment 7.0
10.7
—
Gain on sale of CyrusOne equity method investment (192.8)
—
—
(Gain) loss on sale of assets (0.3)
2.4
(1.6)
Impairment of assets 12.1
—
14.2
Provision for loss on receivables 10.4
11.3
13.9
Noncash portion of interest expense 6.2
7.5
7.8
Deferred income tax expense, including valuation allowance change 47.4
(2.7)
21.6
Pension and other postretirement payments in excess of expense (25.7)
(49.7)
(28.4)
Amortization of deferred gain (22.9)
(3.3)
(2.3)
Stock-based compensation 3.3
4.9
5.2
Excess tax benefit for share based payments (0.1)
(0.5)
(2.4)
Other, net 3.9
(3.4)
0.9
Changes in operating assets and liabilities, net of effects of divestitures:
(Increase) decrease in receivables (23.7)
0.5
(33.6)
Increase in inventory, materials, supplies, prepaid expenses and other current assets (7.2)
(0.8)
(14.5)
Increase (decrease) in accounts payable 38.7
(17.7)
(6.9)
Decrease in accrued and other current liabilities (0.8)
(18.1)
(10.0)
Decrease in other noncurrent assets 0.7
0.8
4.6
(Decrease) increase in other noncurrent liabilities (7.2)
(7.6)
2.0
Net cash provided by operating activities 175.2
78.8
212.7
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Capital expenditures (182.3)
(196.9)
(367.2)
Proceeds from sale of CyrusOne equity method investment 355.9
—
—
Dividends received from CyrusOne 28.4
21.3
—
Proceeds from sale of Wireless spectrum licenses 194.4
—
—
Proceeds from sale of assets 2.0
2.0
1.6
Increase in restricted cash —
—
(11.1)
Release of restricted cash —
0.4
4.9
Cash divested from deconsolidation of CyrusOne —
(12.2)
—
Other, net (5.8)
—
—
Net cash provided by (used in) investing activities 392.6
(185.4)
(371.8)
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Proceeds from issuance of long-term debt —
536.0
525.0
Net (decrease) increase in corporate credit and receivables facilities with initial maturities less than 90 days (127.0)
94.2
52.0
Repayment of debt (376.5)
(530.8)
(442.4)
Debt issuance costs (0.9)
(6.7)
(20.9)
Dividends paid on preferred stock (10.4)
(10.4)
(10.4)
CyrusOne stock issuance costs —
—
(5.7)
Common stock repurchase —
—
(0.3)
Proceeds from exercise of options and warrants 1.3
7.1
12.1
Excess tax benefit for share based payments 0.1
0.5
2.4
Financing obligations and other, net (1.1)
(2.3)
(2.8)
Net cash (used in) provided by financing activities (514.5)
87.6
109.0
Net increase (decrease) in cash and cash equivalents 53.3
(19.0)
(50.1)
Cash and cash equivalents at beginning of year 4.6
23.6
73.7