iHeartMedia 2010 Annual Report Download - page 46

Download and view the complete annual report

Please find page 46 of the 2010 iHeartMedia 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 191

  • 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
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176
  • 177
  • 178
  • 179
  • 180
  • 181
  • 182
  • 183
  • 184
  • 185
  • 186
  • 187
  • 188
  • 189
  • 190
  • 191

The following table indicates non-cash compensation costs related to share-based payments for the years ended December 31,
2010, 2009 and 2008, respectively:
Additionally, CCMH recorded compensation expense of $6.0 million in “Corporate expenses” related to shares tendered by
Mark P. Mays to CCMH on August 23, 2010 for purchase at $36.00 per share pursuant to a put option included in his amended
employment agreement.
LIQUIDITY AND CAPITAL RESOURCES
Cash Flows
Operating Activities
2010
The increase in cash flows from operations in 2010 compared to 2009 was primarily driven by improved profitability, including
a 6% increase in revenue and a 2% decrease in direct operating and SG&A expenses. Our net loss adjusted for $792.7 million of non-
cash items provided positive cash flows of $329.8 million in 2010. We received $132.3 million in Federal income tax refunds during
the third quarter of 2010. Working capital, excluding taxes, provided $120.3 million to cash flows from operations in the current year.
2009
The decline in cash flow from operations in 2009 compared to 2008 was primarily driven by a 17% decline in consolidated
revenues associated with the weak economy and challenging advertising markets and a 62% increase in interest expense to service
our debt obligations. Our net loss adjusted for non-cash items of $4.2 billion provided positive cash flows of $157.9 million. Changes
in working capital provided an additional $23.2 million in operating cash flows for 2009.
2008
In 2008, our net loss adjusted for non-cash items of $5.6 billion provided positive cash flows of $999.0 million. Changes in
working capital provided an additional $282.3 million in operating cash flows for 2008.
41
(In thousands)
Years Ended December 31,
2010
Post-Mer
g
er
2009
Post-Mer
g
er
2008
Combined
Radio broadcastin
g
$ 7,152
$ 8,276
$ 37,785
Americas outdoor advertisin
g
9,207
7,977
8,465
International outdoor advertisin
g
2,746
2,412
2,167
Cor
p
orate
15,141
21,121
28,941
Other
—
—
1,276
Total share-based compensation
ex
p
ense
$ 34,246
$ 39,786
$ 78,634
Post-Mer
g
er
Pre-Mer
g
er
Combined
(In thousands)
Year ended
December 31,
Year ended
December 31,
Period from
July 31
through
December 31,
Period from
January 1 to
Jul
y
30,
Year ended
December 31,
2010
2009
2008
2008
2008
Cash
p
rovided b
y
(used for):
O
p
eratin
g
activities
$ 582,373
$ 181,175
$ 246,026
$1,035,258
$ 1,281,284
Investin
g
activities
$ (240,197)
$ (141,749)
$(17,711,703)
$ (416,251)
$(18,127,954)
Financin
g
activities
$ (305,244)
$1,604,722
$ 17,554,739
$(1,646,941)
$ 15,907,798
Discontinued o
p
erations
$
—
$
—
$2,429
$1,031,141
$ 1,033,570