Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities:      
Net income $ 647,908,000 $ 745,933,000 $ 509,724,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 298,602,000 268,979,000 272,214,000
Non-cash interest expense, net of amortization of premium 9,050,000 8,608,000 7,872,000
Provision for doubtful accounts 55,715,000 55,941,000 47,237,000
Amortization of deferred income related to equity method investment (2,776,000) (2,772,000) (2,776,000)
Loss on extinguishment of debt 43,679,000 24,229,000 0
Gain on unconsolidated entity investments, net (4,561,000) (12,529,000) 0
Dividend received from unconsolidated entity investment 3,606,000 7,160,000 14,788,000
Loss on disposal of assets 0 12,912,000 7,384,000
Share-based payment expense 124,069,000 108,604,000 84,310,000
Deferred income taxes 583,520,000 323,562,000 365,499,000
Other non-cash purchase price adjustments 0 0 (1,394,000)
Changes in operating assets and liabilities:      
Receivables (73,777,000) (44,188,000) (61,440,000)
Inventory 1,874,000 1,932,000 (2,898,000)
Related party, net (2,210,000) (3,485,000) (14,953,000)
Prepaid expenses and other current assets 50,194,000 7,156,000 (67,204,000)
Other long-term assets 7,333,000 38,835,000 (130,741,000)
Accounts payable and accrued expenses 41,367,000 78,920,000 52,696,000
Accrued interest 22,795,000 22,978,000 11,215,000
Deferred revenue 41,894,000 79,404,000 145,242,000
Other long-term liabilities 7,307,000 (2,942,000) 7,276,000
Net cash provided by operating activities 1,855,589,000 1,719,237,000 1,244,051,000
Cash flows from investing activities:      
Additions to property and equipment (287,970,000) (205,829,000) (134,892,000)
Purchases of restricted and other investments (7,847,000) (4,295,000) (3,966,000)
Acquisition of business, net of cash acquired (107,736,000) 0 0
Investments in related parties (612,465,000) 0 0
Loan to related party (130,794,000) 0 0
Net cash used in investing activities (1,146,812,000) (210,124,000) (138,858,000)
Cash flows from financing activities:      
Proceeds from exercise of stock options 774,000 348,000 260,000
Taxes paid in lieu of shares issued for stock-based compensation (92,619,000) (42,824,000) (54,539,000)
Net (repayments) borrowings related to revolving credit facility (90,000,000) 50,000,000 (40,000,000)
Proceeds from long-term borrowings, net of costs 2,473,071,000 987,143,000 983,571,000
Principal payments of long-term borrowings (1,512,578,000) (660,985,000) (12,117,000)
Payment of premiums on redemption of debt (33,065,000) (19,097,000) 0
Common stock repurchased and retired (1,409,035,000) (1,673,518,000) (2,018,254,000)
Dividends paid (190,242,000) (48,079,000) 0
Net cash used in financing activities (853,694,000) (1,407,012,000) (1,141,079,000)
Net (decrease) increase in cash and cash equivalents (144,917,000) 102,101,000 (35,886,000)
Cash and cash equivalents at beginning of period 213,939,000 111,838,000 147,724,000
Cash and cash equivalents at end of period 69,022,000 213,939,000 111,838,000
Cash paid during the period for:      
Interest, net of amounts capitalized 310,492,000 292,556,000 269,925,000
Income taxes paid 28,045,000 20,639,000 12,384,000
Non-cash investing and financing activities:      
Capital lease obligations incurred to acquire assets 2,577,000 6,647,000 7,487,000
Treasury stock not yet settled 17,154,000 22,906,000 23,727,000
Issuance of common stock as part of recapitalization of Sirius XM Canada 178,850,000 0 0
Other comprehensive income (loss), net of tax for related party $ 18,546,000 $ 363,000 $ (100,000)