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Table of Contents
Index to Financial Statements
STATEMENTS OF CASH FLOWS
(in thousands)
107
Year Ended December 31,
2003
2002
2001
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)
$
203,027
$
(186,405
)
$
(241,532
)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating
activities:
Equity in undistributed income of Bank subsidiary
(133,632
)
(113,514
)
(55,852
)
Equity in undistributed (income) loss of other subsidiaries
(101,262
)
34,733
80,802
Equity in net (income) loss of investments
(14,584
)
(9,933
)
7,987
Depreciation and amortization
57,668
72,879
115,495
(Gain) loss on investments and impairment charges
(93
)
8,356
52,716
Unrealized loss on venture fund
4,103
8,621
23,607
Non cash restructuring costs and other exit charges
30,770
29,336
81,969
Cumulative effect of accounting change
—
229,316
—
Gain on early extinguishment of debt
—
(
8,669
)
(59,921
)
Other
(1,348
)
4,844
13,358
Other changes, net:
Other assets and liabilities, net
(32,691
)
95,817
(159,871
)
Increase (decrease) in restructuring liabilities
(27,389
)
(25,075
)
71,481
Net cash (used in) provided by operating activities
(15,431
)
140,306
(69,761
)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment
(38,344
)
(110,083
)
(81,221
)
Purchase of investments
(5,800
)
(6,894
)
(8,248
)
Proceeds from sale/maturity of investments
4,246
13,472
26,146
Cash used in business acquisitions
—
—
(
20,000
)
Advances to other subsidiaries
(68,153
)
(109,699
)
(242,526
)
Restricted deposits
—
71,888
675
Other
(1,471
)
2,125
14,014
Net cash used in investing activities
(109,522
)
(139,191
)
(311,160
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sale of investments
4,946
—
—
Proceeds from issuance of common stock
51,740
13,742
29,663
Proceeds from issuance of convertible subordinated notes, net of issuance costs
—
—
315,250
Repurchase of treasury stock
—
(
43,481
)
(239,080
)
Dividends issued by subsidiary
50,000
50,000
150,000
Repurchase of convertible subordinated notes, net of issuance costs
—
—
(
15,283
)
Payment of capital leases
(6,031
)
(14,431
)
(13,967
)
Other
9,123
(4,512
)
(7,837
)
Net cash provided by financing activities
109,778
1,318
218,746
(DECREASE) INCREASE IN CASH AND EQUIVALENTS
(15,175
)
2,433
(162,175
)
CASH AND EQUIVALENTS
—
Beginning of year
97,740
95,307
257,482
CASH AND EQUIVALENTS
—
End of year
$
82,565
$
97,740
$
95,307