FairPoint Communications 2013 Annual Report Download - page 66

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See accompanying notes to consolidated financial statements.
64
FAIRPOINT COMMUNICATIONS, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
Years Ended December 31, 2013 and 2012, Three Hundred Forty-One Days Ended December 31, 2011 and
Twenty-Four Days Ended January 24, 2011
(in thousands)
Predecessor
Company
Year Ended
December 31,
2013
Year Ended
December 31,
2012
Three Hundred
Forty-One
Days Ended
December 31,
2011
Twenty-Four
Days Ended
January 24,
2011
Cash flows from operating activities:
Net (loss) income $ (93,450) $ (153,294) $ (414,945) $ 586,907
Adjustments to reconcile net (loss) income to net
cash provided by (used in) operating activities:
Deferred income taxes (94,369) (96,778) (52,203) 279,868
Provision for uncollectible revenue 9,806 7,506 18,344 3,454
Depreciation and amortization 282,438 376,614 336,891 21,515
Post-retirement healthcare 51,035 47,692 35,183 2,654
Qualified pension 6,250 (42) 5,021 986
Gain on sale of business, net (10,044) — — —
Loss on debt refinancing 6,787 — — —
Stock-based compensation 5,807 4,055 3,810 18
Loss on abandoned projects 201 2,862 — —
Impairment of intangible assets and goodwill — — 262,019 —
Other non-cash items (906) (3,189) (4,098) 79
Changes in assets and liabilities arising from
operations:
Accounts receivable (12,127) 9,587 7,863 (7,752)
Prepaid and other assets (7,044) (3,301) (1,926) (3,423)
Restricted cash 5,698 (6,164) — —
Accounts payable and accrued liabilities (2,070) 3,364 (12,303) 26,627
Accrued interest payable 9,801 (332) 508 9,017
Other assets and liabilities, net 13,721 (4,198) 67 177
Reorganization adjustments:
Non-cash reorganization income (980) (5,002) (7,308) (917,358)
Claims payable and estimated claims accrual (46) (8,824) (66,712) (1,096)
Restricted cash—Cash Claims Reserve 577 22,219 59,888 (82,764)
Total adjustments 264,535 346,069 585,044 (667,998)
Net cash provided by (used in) operating activities 171,085 192,775 170,099 (81,091)
Cash flows from investing activities:
Net capital additions (128,298) (145,066) (163,648) (12,477)
Proceeds from sale of business 30,452 — — —
Distributions from investments and proceeds from
the sale of property 1,895 759 798 —
Net cash used in investing activities (95,951) (144,307) (162,850) (12,477)
Cash flows from financing activities:
Proceeds from issuance of long-term debt 920,590 — — —
Financing costs (13,217) — (884) (1,500)
Repayments of long-term debt (961,800) (43,000) — —
Restricted cash — 1,573 1,843 34
Proceeds from exercise of stock options 55 64 — —