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42
2013
Cash provided by operating activities in 2013 was $212.9 million compared to $485.1 million of cash provided in 2012. Our
consolidated net loss included $782.5 million of non-cash items in 2013. Our consolidated net loss in 2012 included $873.5 million of
non-cash items. Non-cash items affecting our net loss include impairment charges, depreciation and amortization, deferred taxes,
provision for doubtful accounts, amortization of deferred financing charges and note discounts, net, share-based compensation, gain
on disposal of operating and fixed assets, gain on marketable securities, equity in loss of nonconsolidated affiliates, loss on
extinguishment of debt, and other reconciling items, net as presented on the face of the consolidated statement of cash flows. Cash
paid for interest was $162.1 million higher in 2013 compared to the prior year due to the timing of accrued interest with the issuance
of CCWH’s Subordinated Notes during the first quarter of 2012 and our 9.0% Priority Guarantee Notes due 2019 during the fourth
quarter of 2012.
2012
The $110.2 million increase in cash flows from operations to $485.1 million in 2012 compared to $374.9 million in 2011 was
primarily driven by changes in working capital. Our consolidated net loss in 2012 included $873.5 million of non-cash items. Non-
cash items affecting our net loss include impairment charges, depreciation and amortization, deferred taxes, provision for doubtful
accounts, amortization of deferred financing charges and note discounts, net, share-based compensation, gain on disposal of operating
and fixed assets, loss on marketable securities, equity in earnings of nonconsolidated affiliates, loss on extinguishment of debt, and
other reconciling items, net as presented on the face of the consolidated statement of cash flows. Cash paid for interest was
$120.6 million higher during 2012 compared to the prior year. Cash provided by operations in 2012 compared to 2011 also reflected
lower variable compensation payments in 2012 associated with our employee incentive programs based on 2011 operating
performance compared to such payments made in 2011 based on 2010 performance.
Investing Activities
2014
Cash used for investing activities of $88.7 million in 2014 primarily reflected capital expenditures of $318.2 million, partially
offset by proceeds of $236.6 million primarily from the sale of our 50% interest in ARN and the sale of our 50% interest in Buspak.
We spent $50.4 million for capital expenditures in our iHM segment primarily related to leasehold improvements and IT
infrastructure, $97.0 million in our Americas outdoor segment primarily related to the construction of new advertising structures such
as digital displays, $130.2 million in our International outdoor segment primarily related to billboard and street furniture advertising
structures, $5.7 million in our Other category, and $34.9 million by Corporate primarily related to equipment and software.
2013
Cash used for investing activities of $133.4 million during 2013 reflected our capital expenditures of $324.5 million as well
as proceeds from the sale of our shares of Sirius XM Radio, Inc. of $135.6 million. We spent $75.7 million for capital expenditures in
our iHM segment primarily related to leasehold improvements, $89.0 million in our Americas outdoor segment primarily related to the
construction of new advertising structures such as digital displays, $108.6 million in our International outdoor segment primarily
related to new advertising structures such as billboards and street furniture and renewals of existing contracts, $9.9 million in our
Other category related to our national representation business, and $41.3 million by Corporate primarily related to equipment and
software. Other cash provided by investing activities were $81.6 million of proceeds from sales of other operating and fixed assets.
2012
Cash used for investing activities of $397.0 million during 2012 reflected capital expenditures of $390.3 million. We spent
$65.8 million for capital expenditures in our iHM segment, $117.7 million in our Americas outdoor segment primarily related to the
installation of new digital displays, $150.1 million in our International outdoor segment primarily related to new billboard, street
furniture and mall contracts and renewals of existing contracts, $17.4 million in our Other category related to our national
representation business, and $39.3 million by Corporate. Partially offsetting cash used for investing activities were $59.7 million of
proceeds from the divestiture of our international neon business and the sales of other operating assets.
Financing Activities
2014
Cash used for financing activities of $398.0 million in 2014 primarily reflected payments on long-term debt and the payment
by CCOH of a dividend to CCOH shareholders, partially offset by proceeds from the issuance of long-term debt. we received cash
proceeds from the issuance by CCU Escrow Corporation of 10% Senior Notes due 2018 ($850.0 million in aggregate principal
amount), the sale by a subsidiary of ours of 14% Senior Notes due 2021 to private purchasers ($227.0 million in aggregate principal