Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net loss $ (357,114,000) $ (112,932,000) $ (2,126,000)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Depreciation and amortization 89,854,000 57,158,000 36,592,000
Amortization of content library 15,813,000 14,932,000 14,929,000
Non-cash interest expense, net 6,449,000 1,916,000 903,000
Stock-based compensation 7,585,000 10,747,000 8,235,000
Loss on extinguishment of debt 14,389,000 0 0
Issuance of shares for legal settlements 0 13,705,000 0
Impairment of goodwill 167,000,000 64,000,000 0
Impairment of internally developed software 0 4,069,000 0
Impairment of related party loan 0 4,353,000 0
Proceeds from equity method investments 6,798,000 0 0
(Gain) loss on equity method investments including impairment losses 12,424,000 (3,829,000) 0
Loss on disposal of fixed assets 443,000 0 0
Change in fair value of derivatives (3,510,000) (25,515,000) (11,938,000)
Provision for bad debt 2,788,000 2,624,000 797,000
Deferred income taxes (16,913,000) (60,369,000) (6,452,000)
Other 2,944,000 1,488,000 (96,000)
Changes in operating assets and liabilities:      
Restricted cash (1,653,000) 2,700,000 (722,000)
Accounts receivable 4,159,000 (8,032,000) (5,879,000)
Inventories (5,637,000) 2,123,000 (1,580,000)
Prepaid expenses 4,172,000 (4,382,000) (1,272,000)
Other current assets (115,000) 16,366,000 (1,252,000)
Content library (15,539,000) (18,614,000) (15,406,000)
Other non-current assets (1,064,000) 2,695,000 2,814,000
Accounts payable and accrued expenses 23,363,000 14,854,000 4,183,000
Deferred revenue (919,000) (12,891,000) (3,134,000)
Other current liabilities (3,536,000) (790,000) 3,067,000
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES (53,707,000) (36,600,000) 21,855,000
CASH FLOWS FROM INVESTING ACTIVITIES:      
Acquisitions of companies, net of cash acquired 0 (92,246,000) (60,242,000)
Purchases of property and equipment (74,994,000) (54,173,000) (20,653,000)
Release of restricted cash held in escrow 0 (4,400,000) 0
Release of restricted cash held in escrow 554,000 0 0
Settlement received related to EMC Acquisition 1,250,000 0 0
NET CASH USED IN INVESTING ACTIVITIES (73,190,000) (150,819,000) (80,895,000)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from issuance of debt, net of $15,000 discount 485,000,000 0 0
Issuance costs (20,927,000) 0 (831,000)
Repayment of EMC indebtedness (412,400,000)    
Proceeds from borrowings on line of credit 78,000,000 27,500,000 81,250,000
Repayment of long-term debt (10,618,000) (3,806,000) (1,126,000)
Payment of contingent consideration (1,599,000) 0 0
Borrowings from related party 6,370,000 0 0
Repurchase of common stock warrants 0 (5,219,000) 0
Proceeds from exercise of stock options and warrants 0 (450,000) 5,604,000
Other financing activities, net 0 (4,127,000) (339,000)
NET CASH PROVIDED BY FINANCING ACTIVITIES 123,826,000 13,898,000 84,558,000
Effects of exchange rate changes on cash and cash equivalents 645,000 655,000 386,000
Net (decrease) increase in cash and cash equivalents (2,426,000) (172,866,000) 25,904,000
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 50,686,000 223,552,000 197,648,000
CASH AND CASH EQUIVALENTS AT END OF YEAR 48,260,000 50,686,000 223,552,000
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:      
Cash paid for taxes 7,863,000 12,562,000 5,435,000
Cash paid for interest 36,018,000 19,249,000 1,161,000
SIGNIFICANT NON-CASH INVESTING AND FINANCING ACTIVITIES:      
Issuance of common stock in connection with acquisition of business 25,000,000 40,607,000 0
Deferred consideration liabilities incurred in connection with acquisition of business 0 25,000,000 0
Release of restricted cash held in escrow to former owners of MTN 15,483,000 0 0
Issuance of common stock to repurchase Global Eagle public company warrants 0 0 16,600,000
Purchases of property, plant and equipment held in accounts payable $ 9,390,000 $ 13,500,000 $ 0