Dish Network 2008 Annual Report Download - page 89

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DISH NETWORK CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
The accompanying notes are an integral part of these consolidated financial statements.
F-7
2008 2007 2006
Cash Flows From Operating Activities:
Net income (loss)........................................................................................................................................................... 902,947$ 756,054$ 608,272$
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation and amortization.................................................................................................................................. 1,000,230 1,329,410 1,114,294
Equity in losses (earnings) of affiliates..................................................................................................................... 1,519 5,866 4,749
Realized and unrealized losses (gains) on investments............................................................................................. 169,370 45,620 (53,543)
Non-cash, stock-based compensation ...................................................................................................................... 15,349 23,016 17,645
Deferred tax expense (benefit) (Note 10)................................................................................................................. 392,318 398,931 259,396
Other, net.................................................................................................................................................................. 7,328 7,529 5,693
Change in noncurrent assets...................................................................................................................................... 7,832 2,657 54,462
Change in long-term deferred revenue, distribution and carriage payments and other long-term liabilities............. (98,957) (15,475) 26,018
Changes in current assets and current liabilities:
Trade accounts receivable - other......................................................................................................................... (138,768) (25,764) (190,218)
Allowance for doubtful accounts.......................................................................................................................... 1,188 (987) 3,483
Income tax receivable........................................................................................................................................... (148,747) - -
Trade accounts receivable - EchoStar................................................................................................................... (20,604) - -
Inventories ........................................................................................................................................................... (158,498) (88,364) 16,743
Other current assets .............................................................................................................................................. 18,403 13,783 5,700
Trade accounts payable ........................................................................................................................................ (120,739) 32,019 47,182
Trade accounts payable - EchoStar ...................................................................................................................... 297,629 - -
Deferred revenue and other................................................................................................................................... (27,317) 25,473 54,082
Accrued programming and other accrued expenses ............................................................................................. 87,861 106,952 305,284
Net cash flows from operating activities ...................................................................................................... 2,188,344
2,616,720 2,279,242
Cash Flows From Investing Activities:
Purchases of marketable investment securities.............................................................................................................. (4,648,931) (3,653,939) (2,250,197)
Sales and maturities of marketable investment securities.............................................................................................. 4,708,338 3,078,432 1,522,962
Purchases of property and equipment............................................................................................................................ (1,129,890) (1,444,522) (1,396,318)
Change in restricted cash and marketable investment securities.................................................................................... 79,638 2,267 (1,243)
FCC authorizations........................................................................................................................................................ (711,871) (97,463) -
Investment in Sling Media, net of in-process research and development and cash acquired (Note 11)......................... - (319,928) -
Purchase of strategic investments included in noncurrent marketable and other investment securities ........................ - (71,903) (27,572)
Proceeds from sale of strategic investment.................................................................................................................... 106,200 33,474 9,682
Other.............................................................................................................................................................................. (955) 2,750 (6,282)
Net cash flows from investing activities ....................................................................................................... (1,597,471) (2,470,832) (2,148,968)
Cash Flows From Financing Activities:
Distribution of cash and cash equivalents to EchoStar in connection with the Spin-off (Note 1).................................. (585,147) - -
Proceeds from issuance of 7 1/8% Senior Notes due 2016............................................................................................ - - 1,500,000
Proceeds from issuance of 7% Senior Notes due 2013.................................................................................................. - - 500,000
Proceeds from issuance of 7 3/4% Senior Notes due 2013............................................................................................ 750,000 - -
Redemption of 3% Convertible Subordinated Note due 2010....................................................................................... (500,000) - -
Repurchases and redemption of 5 3/4% Senior Notes due 2008................................................................................... (1,000,000) - -
Redemption of 5 3/4% Convertible Subordinated Notes due 2008............................................................................... - (999,985) -
Redemption of Floating Rate Senior Notes due 2008.................................................................................................... - - (500,000)
Repurchases and redemption of 9 1/8% Senior Notes due 2009................................................................................... - - (441,964)
Deferred debt issuance costs ......................................................................................................................................... (4,972)
- (14,210)
Repayment of capital lease obligations, mortgages and other notes payable................................................................. (10,000) (43,723) (41,015)
Class A common stock repurchases (Note 12)............................................................................................................... (82,733) - (11,677)
Net proceeds from Class A common stock options exercised and Class A common stock
issued under Employee Stock Purchase Plan.............................................................................................................. 21,011 54,674 23,957
Excess tax benefits recognized on stock option exercises ............................................................................................. - 13,018 7,056
Net cash flows from financing activities ....................................................................................................... (1,411,841) (976,016) 1,022,147
Net increase (decrease) in cash and cash equivalents ................................................................................................... (820,968) (830,128) 1,152,421
Cash and cash equivalents, beginning of period............................................................................................................ 919,542 1,749,670 597,249
Cash and cash equivalents, end of period...................................................................................................................... 98,574$ 919,542$ 1,749,670$
For the Years Ended December 31,