GLOBAL CROSSING LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Six Months
Ended June 30,
---------------
2001 2000
------- ------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss.................................................... $(1,246) $ (668)
Adjustments to reconcile net loss to net cash provided by
operating activities:
Loss from discontinued operations......................... (1) 112
Loss on sale of ILEC...................................... 208 --
Gain on sale of GlobalCenter.............................. (82) --
Loss on sale of marketable securities, net................ 14 --
Equity in loss of affiliates.............................. 19 19
Depreciation and amortization............................. 863 597
Provision for doubtful accounts........................... 64 36
Stock related expenses.................................... 9 27
Deferred income taxes..................................... 112 4
Minority interest......................................... (79) 13
Other..................................................... (17) --
Changes in operating assets and liabilities............... 813 190
------- ------
Net cash provided by operating activities............... 677 330
------- ------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment......................... (2,286) (1,575)
Proceeds from sale of ILEC.................................. 3,369 --
Investments in and advances to/from affiliates, net......... (37) (112)
Cash acquired in acquisitions............................... -- 10
Change in restricted cash and cash equivalents.............. (22) 79
Sales (purchases) of marketable equity securities, net...... 63 (144)
Other....................................................... -- (20)
------- ------
Net cash provided by (used in) investing activities..... 1,087 (1,762)
------- ------
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock, net................. 6 747
Proceeds from issuance of preferred stock, net.............. -- 1,112
Proceeds from long-term debt................................ 2,385 444
Proceeds from short-term borrowings......................... 61 --
Repayment of long-term debt................................. (2,643) (100)
Repayment of short-term borrowings.......................... (1,000) --
Preferred dividends......................................... (117) (77)
Minority interest investment in subsidiary.................. 10 60
Other....................................................... (20) --
------- ------
Net cash (used in) provided by financing activities..... (1,318) 2,186
------- ------
CASH FLOWS FROM DISCONTINUED OPERATIONS....................... -- (88)
------- ------
NET INCREASE IN CASH AND CASH EQUIVALENTS..................... 446 666
CASH AND CASH EQUIVALENTS, beginning of period................ 1,477 1,629
------- ------
CASH AND CASH EQUIVALENTS, end of period...................... $ 1,923 $2,295
======= ======
|
