WINDSTREAM CORP - 10-K - 20060228 - CASH_FLOW
Valor
Communications Group, Inc.
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Year Ended
December 31,
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2003
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2004
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2005
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(Dollars in thousands)
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Operating activities
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Net income (loss)
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$
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58,233
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$
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(27,755
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)
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$
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35,347
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Adjustments to reconcile net income
(loss) to net cash provided by operating activities:
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Depreciation and amortization
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81,638
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86,451
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89,928
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Loss on debt extinguishment
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—
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62,975
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29,262
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Deferred income taxes
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450
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203
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14,174
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Income from discontinued operations
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(108
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)
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—
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—
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Amortization of debt issuance costs
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8,105
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7,399
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3,690
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Expense incurred related to cash
payment to minority shareholders in connection with
reorganization
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—
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17,988
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—
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Non-cash interest expense
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17,788
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—
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—
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Non-cash unrealized (gain) loss on
interest rate hedging arrangements
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(8,487
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)
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(8,867
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399
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Earnings from unconsolidated
cellular partnerships
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(3,258
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)
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(1,113
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)
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(421
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Asset impairment
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—
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—
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1,696
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Impairment on investment in
cellular partnerships
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—
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6,678
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2,339
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Provision for doubtful accounts
receivable
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3,298
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4,438
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6,073
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Non-cash stock compensation
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—
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1,345
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12,699
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Redeemable preferred interests of
subsidiary
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3,314
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231
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—
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Minority interest
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254
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142
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468
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Cumulative effect of change in
accounting principle, net of tax
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—
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—
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269
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Changes in current assets and
current liabilities:
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Accounts receivable
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3,786
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(6,295
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(3,152
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Accounts payable
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(6,668
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(8,611
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)
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774
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Accrued interest
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(401
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)
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2,281
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8,234
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Other current assets and current
liabilities, net
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3,316
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6,556
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(2,937
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Other, net
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4,805
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(330
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(7,751
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Net cash provided by operating
activities from continuing operations
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166,065
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143,716
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191,091
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Investing activities
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Acquisition, net of cash acquired
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—
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(1,500
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—
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Additions to property, plant and
equipment
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(69,850
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(65,525
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(57,385
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Redemption of RTFC capital
certificate
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—
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31,111
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24,445
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Other, net
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3,551
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1,056
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203
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Net cash used in investing
activities from continuing operations
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(66,299
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(34,858
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(32,737
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Financing activities
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Proceeds from issuance of debt
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61,500
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1,359,000
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400,000
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Repayments of long-term debt
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(161,549
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(1,223,249
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(820,364
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Notes payable, net
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1,742
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(8,273
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(1,893
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Proceeds from issuance of common
stock, net of offering costs
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—
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—
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411,257
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Cash dividends paid
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—
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—
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(62,433
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Prepayment fees paid in connection
with the repayment of debt
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—
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(11,376
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(19,393
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Redemption of redeemable preferred
interests
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—
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(134,102
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—
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Redemption of Class C interests
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—
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(16,458
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—
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Cash payment to preferred and
common minority shareholders in connection with reorganization
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—
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(18,646
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—
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Redemption of redeemable preferred
interests in subsidiary
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—
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(8,791
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—
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Payment of debt issuance costs
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(1,158
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(31,330
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(17,530
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Other, net
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—
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—
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(854
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)
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Net cash used in financing
activities from continuing operations
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(99,465
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(93,225
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(111,210
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)
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Net increase in cash and cash
equivalents from continuing operations
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301
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15,633
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47,144
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Net operating cash used in
discontinued operations
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(176
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)
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(13
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—
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Net increase in cash and cash
equivalents
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125
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15,620
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47,144
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Cash and cash equivalents at
beginning of period
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1,289
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1,414
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17,034
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Cash and cash equivalents at end of
period
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$
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1,414
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$
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17,034
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$
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64,178
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