TEGNA Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Unaudited, in thousands of dollars
| | | | | | | | | | Nine months ended Sept. 30, | | 2018 | | 2017 | | | | | Cash flows from operating activities: | | | | Net income (loss) | $ | 244,850 |
|
| $ | (88,579 | ) | Adjustments to reconcile net income to net cash flow from operating activities: | | | | Depreciation and amortization | 64,385 |
| | 117,762 |
| Stock-based compensation | 12,292 |
| | 14,189 |
| Loss on write down of CareerBuilder | — |
| | 342,900 |
| Other (gains) losses on sales of assets and impairment charges | (6,991 | ) | | 19,803 |
| Equity (income) losses in unconsolidated investments, net | (15,080 | ) | | 1,488 |
| Pension contributions, net of expense | (39,932 | ) |
| (12,547 | ) | Spectrum channel share agreement proceeds | — |
| | 32,588 |
| Change in other assets and liabilities, net | 73,136 |
| | (75,865 | ) | Net cash flow from operating activities | 332,660 |
| | 351,739 |
| Cash flows from investing activities: | | | | Purchase of property and equipment | (35,281 | ) | | (63,846 | ) | Reimbursement from spectrum repacking | 5,057 |
| | — |
| Payments for acquisitions of businesses, net of cash acquired | (328,433 | ) | | — |
| Payments for investments | (11,309 | ) | | (2,778 | ) | Proceeds from sale of CareerBuilder, net of $36,581 cash transferred | — |
| | 198,342 |
| Proceeds from investments | 1,224 |
| | 15,989 |
| Proceeds from sale of assets and businesses | 16,335 |
| | 5,659 |
| Net cash flow (used for) provided by investing activities | (352,407 | ) | | 153,366 |
| Cash flows from financing activities: | | | | Proceeds (payments) of borrowings under revolving credit facilities, net | 72,000 |
| | (635,000 | ) | Proceeds from Cars.com borrowings | — |
| | 675,000 |
| Debt repayments | (95,985 | ) | | (99,185 | ) | Payments of debt issuance costs | (5,269 | ) | | (6,208 | ) | Dividends paid | (45,219 | ) | | (75,109 | ) | Repurchases of common stock | (5,831 | ) | | (8,453 | ) | Distributions to noncontrolling membership interests | — |
| | (22,980 | ) | Cash transferred to the Cars.com business | — |
| | (20,133 | ) | Other, net | (4,224 | ) | | (5,180 | ) | Net cash flow used for financing activities | (84,528 | ) | | (197,248 | ) | (Decrease) increase in cash and cash equivalents | (104,275 | ) | | 307,857 |
| Cash, cash equivalents and restricted cash from continuing operations, beginning of period | 128,041 |
| | 44,076 |
| Cash, cash equivalents and restricted cash from discontinued operations, beginning of period | — |
| | 61,041 |
| Balance of cash and cash equivalents, beginning of period | 128,041 |
| | 105,117 |
| Cash, cash equivalents and restricted cash from continuing operations, end of period | 23,766 |
| | 412,974 |
| Cash, cash equivalents and restricted cash from discontinued operations, end of period | — |
| | — |
| Balance of cash and cash equivalents, end of period | $ | 23,766 |
| | $ | 412,974 |
|
The accompanying notes are an integral part of these condensed consolidated financial statements.
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