Exhibit 99.3
Qwest Communications International Inc.
Condensed Consolidated Statements of Cash Flows
(Dollars in millions)
(unaudited)
Six Months Ended June 30, | ||||||||||
2002 | 2001 | |||||||||
OPERATING ACTIVITIES: | ||||||||||
Net loss | $ | (1,834 | ) | $ | (3,352 | ) | ||||
Adjustments to net loss: | ||||||||||
Depreciation and amortization | 2,300 | 2,630 | ||||||||
Non-cash Merger-related charges | (1 | ) | 479 | |||||||
Loss on sale of investments and fair market value adjustments — net | 26 | — | ||||||||
Provision for bad debts | 435 | 252 | ||||||||
Asset impairment charge | 1,333 | 3,247 | ||||||||
Equity loss on investments | 155 | 47 | ||||||||
Deferred income taxes | (78 | ) | 643 | |||||||
(Gain) loss on early retirement of debt — net | (6 | ) | 65 | |||||||
Changes in operating assets and liabilities: | ||||||||||
Accounts receivable | 230 | (857 | ) | |||||||
Inventories, supplies, prepaids and other current assets | 55 | (219 | ) | |||||||
Accounts payable, accrued expenses and advance billings | (718 | ) | 2 | |||||||
Restructuring and Merger-related reserves | (251 | ) | (330 | ) | ||||||
Other | 19 | (130 | ) | |||||||
Cash provided by operating activities | 1,665 | 2,477 | ||||||||
INVESTING ACTIVITIES | ||||||||||
Expenditures for property, plant and equipment | (1,814 | ) | (5,559 | ) | ||||||
Proceeds from sale of assets | 62 | 91 | ||||||||
Other | (3 | ) | (72 | ) | ||||||
Cash used for investing activities | (1,755 | ) | (5,540 | ) | ||||||
FINANCING ACTIVITIES | ||||||||||
Net proceeds from current borrowings | 97 | 2,182 | ||||||||
Proceeds from issuance of long-term borrowings — net | 1,476 | 3,247 | ||||||||
Repayments of long-term borrowings | (236 | ) | (1,116 | ) | ||||||
Restricted cash for the repayment of short-term borrowings | (750 | ) | — | |||||||
Costs relating to the early retirement of debt | — | (106 | ) | |||||||
Proceeds from issuance of common stock | 11 | 280 | ||||||||
Repurchase of stock | (12 | ) | (1,000 | ) | ||||||
Debt issuance costs | — | 21 | ||||||||
Dividends paid on common stock | — | (83 | ) | |||||||
Other | (54 | ) | — | |||||||
Cash provided by financing activities | 532 | 3,425 | ||||||||
CASH AND CASH EQUIVALENTS | ||||||||||
Increase | 442 | 362 | ||||||||
Beginning balance | 257 | 154 | ||||||||
Ending balance | $ | 699 | $ | 516 | ||||||