XO Communications 2010 Annual Report Download - page 58

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XO Holdings, Inc.
Consolidated Statements of Cash Flows
(in thousands)
Years Ended December 31,
2010 2009 2008
OPERATING ACTIVITIES:
Net (loss) income.................................. $ (11,842) $ 21,835 $ (75,281)
Adjustments to reconcile net (loss) income to net cash provided
by operating activities
Depreciation and amortization ....................... 183,732 180,144 189,228
Accrued interest converted to long term debt ............. — — 18,627
Provision for doubtful accounts....................... 10,932 12,891 13,271
Stock-based compensation .......................... 332 683 1,445
Gain from investments ............................ (6,846) (59,986) (35,928)
Impairment loss on marketable securities ................ — — 16,519
Impairment of LMDS licenses ....................... 20,000 8,282 —
Loss on disposal of assets .......................... 5,781 10,688 4,134
Changes in assets and liabilities
Accounts receivable............................. 150 (14,014) (34,188)
Other assets .................................. 15,056 (24,823) (23,914)
Accounts payable .............................. (31,857) (33,950) 3,676
Accrued liabilities .............................. (10,703) 46,791 (5,975)
Net cash provided by operating activities.................. 174,735 148,541 71,614
INVESTING ACTIVITIES:
Capital expenditures ................................ (211,690) (198,974) (216,958)
Proceeds from fixed asset sales ........................ 193 363 2,969
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 ................ 6,846 854 57,439
Net cash used in investing activities ..................... (204,651) (16,827) (293,596)
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 ......................... (258,861) (18,411) —
Financing costs ................................... — — (4,741)
Payments on capital leases ........................... (4,751) (6,891) (6,562)
Net cash (used in) provided by financing activities ........... (263,612) (25,302) 370,654
Net (decrease) increase in cash and cash equivalents .......... (293,528) 106,412 148,672
Cash and cash equivalents, beginning of period ............. 363,159 256,747 108,075
Cash and cash equivalents, end of period.................. $ 69,631 $ 363,159 $ 256,747
SUPPLEMENTAL DATA:
Cash paid for interest ............................... $ 2,114 $ 1,784 $ 1,466
Cash paid for income taxes ........................... $ 1,077 $ 1,109 $ 951
Accrued capital expenditures and capital leases ............. $ 42,496 $ 45,521 $ 27,773
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.
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