HR Block 2009 Annual Report Download - page 48

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CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended April 30, 2009 2008 2007
(in 000s)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ 485,673 $ (308,647) $ (433,653)
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities:
Depreciation and amortization 123,631 119,514 107,479
Provision for bad debts and loan losses 181,829 174,813 64,066
Provision for deferred taxes 73,213 (51,695) (26,236)
Stock-based compensation 26,557 40,373 37,014
Operating cash flows of discontinued operations:
Loss on sale of discontinued operations 10,626 45,510 –
Other 86,952 167,535 97,754
Changes in assets and liabilities, net of acquisitions:
Cash and cash equivalents — restricted (44,625) (3,168) 12,793
Receivables (57,155) (116,846) (66,331)
Prepaid expenses and other current assets 84,279 6,796 (2,969)
Accounts payable, accrued expenses and other current
liabilities (36,024) 16,215 (72,326)
Accrued salaries, wages and payroll taxes (106,014) 65,845 47,356
Accrued income taxes 126,594 204,472 (275,337)
Other noncurrent liabilities (56,001) (34,738) 20,538
Other, net 124,904 (67,219) (67,123)
Net cash provided by (used in) operating activities 1,024,439 258,760 (556,975)
CASH FLOWS FROM INVESTING ACTIVITIES:
Available-for-sale securities:
Purchases of available-for-sale securities (5,092) (11,794) (54,375)
Sales of and payments received on available-for-sale securities 15,075 18,175 5,983
Mortgage loans originated or purchased for investment, net 91,329 207,606 (954,281)
Purchases of property and equipment (97,880) (101,554) (158,460)
Payments made for business acquisitions, net of cash acquired (293,805) (24,872) (57,554)
Net cash provided by (used in) investing activities of discontinued
operations:
Proceeds from sale of operating units, net of cash 303,983 1,114,535 –
Other (48,917) (69,545) 22,081
Other, net 40,867 14,738 38,230
Net cash provided by (used in) investing activities 5,560 1,147,289 (1,158,376)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of commercial paper –(5,125,279) (8,264,561)
Proceeds from issuance of commercial paper –4,133,197 9,256,643
Repayments of Senior Notes –– (500,000)
Proceeds from issuance of Senior Notes –599,376 –
Repayments of other borrowings (4,762,294) (9,055,426) (6,010,432)
Proceeds from other borrowings 4,733,294 8,505,426 6,689,432
Customer banking deposits, net 64,357 (345,391) 1,129,263
Dividends paid (198,685) (183,628) (171,966)
Acquisition of treasury shares (106,189) (7,280) (188,802)
Proceeds from issuance of common stock, net 141,415 ––
Proceeds from exercise of stock options 71,594 23,322 25,703
Net cash provided by (used in) financing activities of discontinued
operations 4,783 (64,439) 42,926
Other, net 11,492 (37,947) (17,095)
Net cash provided by (used in) financing activities (40,233) (1,558,069) 1,991,111
Net increase (decrease) in cash and cash equivalents 989,766 (152,020) 275,760
Cash and cash equivalents at beginning of the year 664,897 816,917 541,157
Cash and cash equivalents at end of the year $ 1,654,663 $ 664,897 $ 816,917
SUPPLEMENTARY CASH FLOW DATA:
Income taxes paid, net of refunds received
of $158,862, $317,849 and $3,861 $ (1,593) $ (238,803) $ 405,445
Interest paid on borrowings 89,541 173,181 151,436
Interest paid on deposits 14,004 44,501 27,475
Transfers of loans to foreclosed assets 65,171 ––
See accompanying notes to consolidated financial statements.
44 H&R BLOCK 2009 Form 10K