iHeartMedia 2005 Annual Report Download - page 43

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43
Investing Activities
2005
Net cash used in investing activities of $389.1 million for the year ended December 31, 2005 principally
reflects capital expenditures of $327.6 million related to purchases of property, plant and equipment and $165.2 million
primarily related to acquisitions of operating assets, partially offset by proceeds from the sale other assets of $102.0
million.
2004
Net cash provided by investing activities of $158.7 million for the year ended December 31, 2004 principally
includes proceeds of $627.5 million related to the sale of investments, primarily the sale of our Univision shares. These
proceeds were partially offset by capital expenditures of $283.9 million related to purchases of property, plant and
equipment and $212.7 million related to acquisitions of operating assets.
2003
Net cash used in investing activities of $19.1 million for the year ended December 31, 2003 principally reflect
capital expenditures of $308.1 million related to purchases of property, plant and equipment and $102.6 million
primarily related to acquisitions of operating assets, partially offset by proceeds from the sale of investments, primarily
Univision shares, of $344.2 million.
Financing Activities
2005
Financing activities for the year ended December 31, 2005 principally reflect the net reduction in debt of
$288.7 million, $343.3 million in dividend payments, $1.1 billion in share repurchases, all partially offset by the
proceeds from the initial public offering of CCO of $600.6 million, and proceeds of $40.2 million related to the exercise
of stock options.
2004
Financing activities for the year ended December 31, 2004 principally reflect payments for share repurchases of
$1.8 billion and dividends paid of $255.9 million, partially offset by the net increase in debt of $264.9 million and
proceeds from the exercise of employee stock options of $31.5 million.
2003
Financing activities for the year ended December 31, 2003 principally reflect the net reduction in debt of $1.8
billion, $61.6 million in dividend payments, both partially offset by proceeds from extinguishment of a derivative
agreement of $83.8 million, proceeds from a secured forward exchange contract of $83.5 million, proceeds of $55.6
million related to the exercise of stock options.
Discontinued Operations
We completed the spin-off of Live Nation on December 21, 2005. In accordance with Statement of Financial
Accounting Standards No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets, we reported the results
of operations of these businesses during 2005, 2004 and 2003 in discontinued operations on our consolidated statement
of operations and reclassified cash flows from these businesses to discontinued operations on our consolidated
statements of cash flows. Included in discontinued operations on our statements of cash flows for 2005 is approximately
$220.0 million from the repayment of intercompany notes owed to us by Live Nation.
Anticipated Cash Requirements
We expect to fund anticipated cash requirements (including payments of principal and interest on
outstanding indebtedness and commitments, acquisitions, anticipated capital expenditures, share repurchases and
dividends) for the foreseeable future with cash flows from operations and various externally generated funds.