Sprint - Nextel 2008 Annual Report Download - page 114

CLEARWIRE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended December 31,
2009 2008 2007
(In thousands)
Cash flows from operating activities:
Net loss ....................................................................... $(1,253,846) $ (592,347) $ (224,725)
Adjustments to reconcile net loss to net cash used in operating activities:
Deferred income taxes ........................................................ 712 61,607 16,362
Losses from equity investees, net ............................................... 1,202 174 —
Non-cash fair value adjustments on swaps ........................................ (6,939) 6,072 —
Other-than-temporary impairment loss on investments .............................. 10,015 17,036 —
Non-cash interest expense ..................................................... 66,375 1,667 —
Depreciation and amortization ................................................. 208,263 58,146 3,979
Amortization of spectrum leases ................................................ 57,898 17,109 —
Non-cash rent .............................................................. 108,953 — —
Share-based compensation .................................................... 27,512 6,465 —
Loss on settlement of pre-existing lease arrangements ............................... — 80,573 —
Loss/(gain) on disposal or write-off of property, plant and equipment ................... 77,957 (204) —
Gain on extinguishment of debt ................................................ (8,252) — —
Changes in assets and liabilities, net of effects of acquisition:
Inventory .................................................................. (9,450) (892) —
Accounts receivable ......................................................... (2,381) 402 —
Prepaids and other assets ...................................................... (64,930) 6,354 (135,135)
Prepaid spectrum licenses ..................................................... (23,861) (63,138) —
Accounts payable and other liabilities ............................................ 338,288 (5,330) —
Net cash used in operating activities ........................................... (472,484) (406,306) (339,519)
Cash flows from investing activities:
Capital expenditures ........................................................... (1,450,238) (534,196) (329,469)
Payments for spectrum licenses and other intangible assets ............................. (46,816) (109,257) (353,611)
Purchases of available-for-sale investments ......................................... (3,571,154) (1,774,324) —
Disposition of available-for-sale investments ........................................ 3,280,455 — —
Net cash acquired in acquisition of Old Clearwire .................................... — 171,780 —
Other investing ............................................................... 4,754 167 —
Net cash used in investing activities ........................................... (1,782,999) (2,245,830) (683,080)
Cash flows from financing activities:
Net advances from Sprint Nextel Corporation ....................................... — 532,165 1,022,599
Sprint Nextel Corporation pre-closing financing ..................................... — 392,196 —
Repayment of Sprint Nextel Corporation pre-closing financing .......................... — (213,000) —
Principal payments on long-term debt .............................................. (1,171,775) (3,573) —
Proceeds from issuance of long-term debt .......................................... 2,467,830 — —
Debt financing fees ............................................................ (44,217) (50,000) —
Strategic investors cash contribution ............................................... 1,481,813 3,200,037 —
Proceeds from issuance of common stock .......................................... 12,196 — —
Other financing ............................................................... — (70) —
Net cash provided by financing activities ....................................... 2,745,847 3,857,755 1,022,599
Effect of foreign currency exchange rates on cash and cash equivalents ..................... 1,510 524 —
Net increase in cash and cash equivalents ............................................. 491,874 1,206,143 —
Cash and cash equivalents:
Beginning of period ............................................................ 1,206,143 — —
End of period ................................................................. $1,698,017 $ 1,206,143 $ —
Supplemental cash flow disclosures:
Cash paid for interest ........................................................... $ 119,277 $ 7,432 $ —
Swap interest paid ............................................................. $ 13,915 $ — $ —
Non-cash investing and financing activities:
Conversion of Old Clearwire Class A shares into New Clearwire Class A shares ............ $ — $ 894,433 $ —
Common stock of Sprint Nextel Corporation issued for spectrum licenses ................. $ — $ 4,000 $ 100,000
Fixed asset purchases in accounts payable .......................................... $ 89,792 $ 40,761 $ —
Fixed asset purchases included in advances and contributions from Sprint Nextel
Corporation ................................................................ $ — $ — $ 164,652
Spectrum purchases in accounts payable ........................................... $ — $ 10,560 $ —
See notes to consolidated financial statements
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