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Technology Stocks : GX Investors Thread -- Ignore unavailable to you. Want to Upgrade?

To: BWAC who wrote (65)	8/22/2001 7:27:41 AM
From: Ally	Read Replies (2) \| Respond to of 586

BWAC, I think throwing down a ton of complicated accounting notes may cause even more concern and confusion to readers than my little "yikes". But no need to worry, what we write here have no impact on the stock price... remember all the cheerleading on the previous thread and yet the stock tumbled down from $60 to $5? My point is ...the inclusive of deferred revenue in current liabilities is an interesting disclosure. No, I don't think it should be interpreted as "standard accounting" simplistic apportionment of deferred revenue between a year time frame and longer. It looks more like "refundable deposit" of capacity contracts where ownership has not been transferred to purchaser. If so, it would explain the inclusion of a deferred revenue item in current liabilities.... indeed, cash payable (or likelihood) within a year. Which brings up a question... have you cast an auditor's eye on the issue of liquidity? If we can eliminate the world's concern on the likelihood of an auditor's ongoing concern note, it may do wonders for the stock price.

To: BWAC who wrote (65)	8/22/2001 7:36:19 AM
From: Ally	Read Replies (2) \| Respond to of 586

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 ======= ======