First Data 2007 Annual Report Download - page 88

FIRST DATA CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
Successor Predecessor
Period from
September 25
through
December 31,
2007
Period from
January 1
through
September 24,
2007
Year Ended December 31,
2006 2005
(in millions)
Cash and cash equivalents at beginning of period, including cash of discontinued operations in
2006 and 2005 — $ 1,154.2 $ 1,180.9 $ 895.4
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) income from continuing operations $ (301.9) 464.4 847.7 807.5
Net (loss) income from discontinued operations — (3.6) 665.7 909.9
Adjustments to reconcile to net cash provided by operating activities:
Depreciation and amortization 427.2 540.2 700.8 689.0
Charges (gains) related to restructuring, impairments, litigation and regulatory
settlements, other and other income (expense) 73.8 20.9 (17.6) (3.2)
Other non-cash and non-operating items, net (35.6) 67.8 (38.5) (9.2)
Increase (decrease) in cash, excluding the effects of acquisitions and dispositions,
resulting from changes in:
Accounts receivable (316.9) (145.4) (183.8) (110.9)
Other assets 130.0 5.8 81.0 3.3
Accounts payable and other liabilities (100.8) (4.8) (60.0) (82.5)
Income tax accounts (61.4) 69.6 117.8 (73.6)
Excess tax benefit from share-based payment arrangement — (219.8) (124.2) —
Net cash (used in) provided by operating activities from continuing operations (185.6) 798.7 1,323.2 1,220.4
Net cash (used in) provided by operating activities from discontinued operations — (9.7) 796.0 1,091.0
Net cash (used in) provided by operating activities (185.6) 789.0 2,119.2 2,311.4
CASH FLOWS FROM INVESTING ACTIVITIES
Merger, net of cash acquired (25,756.2) — — —
Current year acquisitions, net of cash acquired (136.6) (690.3) (287.5) (443.9)
Payments related to other businesses previously acquired (0.5) (50.0) (51.1) (55.8)
Proceeds from dispositions, net of expenses paid — — 198.7 56.2
Additions to property and equipment, net (55.2) (275.5) (170.4) (189.5)
Payments to secure customer service contracts, including outlays for conversion and
capitalized systems development costs (57.5) (123.7) (129.7) (137.9)
Proceeds from the sale of marketable securities 14.1 11.8 45.0 224.5
Dividend received from discontinued operations — — 2,500.0 —
Cash retained by Western Union — — (1,327.8) —
Other investing activities 108.7 (9.5) 202.6 (88.5)
Net cash (used in) provided by investing activities from continuing operations (25,883.2) (1,137.2) 979.8 (634.9)
Net cash used in investing activities from discontinued operations — — (280.3) (125.1)
Net cash (used in) provided by investing activities (25,883.2) (1,137.2) 699.5 (760.0)
CASH FLOWS FROM FINANCING ACTIVITIES
Short-term borrowings, net 238.5 26.3 176.0 39.6
Proceeds from issuance of long-term debt 21,245.7 — — 995.6
Principal payments on long-term debt (2,033.3) (126.6) (2,412.8) (242.2)
Proceeds from issuance of common stock 7,224.4 187.4 729.8 319.5
Excess tax benefit from share-based payment arrangement — 219.8 124.2 —
Purchase of treasury shares — (371.8) (1,252.5) (2,222.7)
Cash dividends — (67.7) (183.6) (155.0)
Net cash provided by (used in) financing activities from continuing operations 26,675.3 (132.6) (2,818.9) (1,265.2)
Net cash used in financing activities from discontinued operations — — (26.5) (0.7)
Net cash provided by (used in) financing activities 26,675.3 (132.6) (2,845.4) (1,265.9)
Change in cash and cash equivalents 606.5 (480.8) (26.7) 285.5
Cash and cash equivalents at end of period, including cash of discontinued operations in 2005 $ 606.5 $ 673.4 $ 1,154.2 $ 1,180.9
See Notes to Consolidated Financial Statements.
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