iHeartMedia 2005 Annual Report Download - page 42

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42
Reconciliation of Segment Operating Income (Loss)
(In thousands) Years Ended December 31,
2004 2003
Radio Broadcasting $ 1,431,881 $ 1,409,236
Americas Outdoor Advertising 263,888 215,485
International Outdoor Advertising 33,277 (10,807)
Other 52,496 38,276
Gain on disposition of assets - net 39,552 6,688
Corporate (188,096) (175,238)
Consolidated operating income $ 1,632,998 $ 1,483,640
LIQUIDITY AND CAPITAL RESOURCES
Cash Flows
(In thousands) Years Ended December 31,
2005 2004 2003
Cash provided by (used in):
Operating activities $ 1,405.2 $ 1,547.9 $ 1,463.7
Investing activities $ (389.1) $ 158.7 $ (19.1)
Financing activities $ (1,061.4) $ (1,801.0) $ (1,625.7)
Discontinued operations $ 96.7 $ 118.8 $ 120.8
Operating Activities
2005
Net cash flow from operating activities of $1.4 billion for the year ended December 31, 2005 principally
reflects net income from continuing operations of $635.1 million and depreciation and amortization of $630.4 million
Net cash flows from operating activities also reflects decreases in accounts receivable, accounts payable, other accrued
expenses and income taxes payable. Taxes payable decreased principally as result of the carryback of capital tax losses
generated on the spin-off of Live Nation which were used to offset taxes paid on previously recognized taxable capital
gains as well as approximately $210.5 million in current tax benefits from ordinary losses for tax purposes resulting
from restructuring our international businesses consistent with our strategic realignment, the July 2005 maturity of our
Euro denominated bonds, and a current tax benefit related to an amendment on a previously filed tax return.
2004
Net cash flow from operating activities of $1.5 billion for the year ended December 31, 2004 principally
reflects a net loss from continuing operations of $4.1 billion, adjusted for non-cash charges of $4.9 billion for the
adoption of Topic D-108 and depreciation and amortization of $630.5 million. Net cash flow from operating activities
was negatively impacted during the year ended December 31, 2004 by $150.0 million, primarily related to the taxes paid
on the gain from the sale of our remaining shares of Univision, which was partially offset by the tax loss related to the
partial redemption of our Euro denominated debt. Net cash flow from operating activities also reflects increases in
prepaid expenses, accounts payable and accrued interest, income taxes and other expenses, partially offset by decreases
in accounts receivables and other current assets.
2003
Net cash flow from operating activities of $1.5 billion for the year ended December 31, 2003 principally
reflects net income from continuing operations of $1.0 billion plus depreciation and amortization of $608.5 million. Net
cash flows from operating activities also reflects increases in accounts receivable, accounts payable and other accrued
expenses and income taxes payable.