XO Communications 2009 Annual Report Download - page 55

Download and view the complete annual report

Please find page 55 of the 2009 XO Communications annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 89

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89

XO Holdings, Inc.
Consolidated Statements of Cash Flows
(in thousands)
2009 2008 2007
Years Ended December 31,
OPERATING ACTIVITIES:
Net income (loss) ........................................ $ 21,835 $ (75,281) $(117,355)
Adjustments to reconcile net income (loss) to net cash provided by
operating activities
Depreciation and amortization ............................. 180,144 189,228 206,953
Accrued interest converted to long term debt .................. — 18,627 40,563
Provision for doubtful accounts ............................ 12,891 13,271 18,166
Stock-based compensation . . . ............................. 683 1,445 1,933
(Gain) loss from investments . ............................. (59,986) (35,928) (21,518)
Impairment loss on marketable securities ..................... — 16,519 655
Impairment of LMDS licenses ............................. 8,282 — —
Changes in reserves and liability estimates .................... — — (26,299)
Loss on disposal of assets . . . ............................. 10,688 4,134 7,936
Changes in assets and liabilities
Accounts receivable ................................... (14,014) (34,188) (3,593)
Other assets ......................................... (24,823) (23,914) (3,330)
Accounts payable..................................... (33,950) 3,676 (3,997)
Accrued liabilities .................................... 46,791 (5,975) 39,420
Net cash provided by operating activities ....................... 148,541 71,614 139,534
INVESTING ACTIVITIES:
Capital expenditures ...................................... (198,974) (216,958) (215,182)
Proceeds from fixed asset sales . ............................. 363 2,969 602
Purchase of available-for-sale investments ...................... — (137,178) —
Proceeds from the sale of available-for-sale investments ............ 180,930 132 —
Proceeds from the recovery of investments ...................... 854 57,439 21,518
Net cash used in investing activities........................... (16,827) (293,596) (193,062)
FINANCING ACTIVITIES:
Proceeds from preferred stock issuance ........................ — 329,242 —
Proceeds from issuance of related party note .................... — 75,000 —
Payments on long-term debt . . . ............................. — (22,285) —
Redemption of preferred stock . . ............................. (18,411) — —
Financing costs .......................................... — (4,741) —
Payments on capital leases ................................. (6,891) (6,562) (7,328)
Proceeds from employee stock option exercises .................. — — 368
Net cash (used in) provided by financing activities ................ (25,302) 370,654 (6,960)
Net increase (decrease) in cash and cash equivalents .............. 106,412 148,672 (60,488)
Cash and cash equivalents, beginning of period .................. 256,747 108,075 168,563
Cash and cash equivalents, end of period ....................... $363,159 $ 256,747 $ 108,075
SUPPLEMENTAL DATA:
Cash paid for interest ..................................... $ 1,784 $ 1,466 $ 1,290
Cash paid for income taxes ................................. $ 1,109 $ 951 $ 4
Accrued capital expenditures and capital leases .................. $ 45,521 $ 27,773 $ 44,391
Non-cash debt extinguishment through issuance of preferred stock .... $ — $450,758 $ —
Increase in additional paid in capital related to the issuance of
preferred stock ........................................ $ — $ 28,192 $ —
See accompanying notes to the consolidated financial statements.
51