Hertz 2007 Annual Report Download - page 130
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HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands of Dollars)
Successor Predecessor
For the periods from
December 21, January 1,
2005 to 2005 to
Years ended December 31, December 31, December 20,
2007 2006 2005 2005
Cash flows from operating activities:
Net income (loss) ......................... $ 264,559 $ 115,943 $ (21,346) $ 371,323
Non-cash expenses:
Depreciation of revenue earning equipment ........ 2,003,360 1,757,202 43,827 1,555,862
Depreciation of property and equipment .......... 177,113 197,230 5,511 182,363
Amortization of other intangible assets ........... 62,594 61,614 2,075 749
Amortization of deferred financing costs .......... 48,409 66,127 1,304 5,299
Debt modification costs .................... 16,177 — — —
Amortization of debt discount ................ 20,747 38,872 456 1,999
Stock-based employee compensation ........... 32,939 27,179 — 10,496
Loss on revaluation of foreign denominated debt ..... — 19,233 (2,826) —
Unrealized (gain) loss on derivatives ............ (3,925) 2,454 (2,696) —
Loss (gain) on ineffectiveness of interest rate swaps . . . 20,424 (1,034) 1,034 —
Provision for losses on doubtful accounts ......... 13,874 17,132 462 11,447
Minority interest ......................... 19,690 16,714 371 12,251
Deferred taxes on income ................... 59,743 30,354 (12,243) (411,461)
Gain on sale of property and equipment .......... (24,807) (9,743) (282) (3,807)
Changes in assets and liabilities, net of effects of
acquisition:
Receivables ........................... 84,541 229,663 (121,497) (547,302)
Due from affiliates ....................... — — 107,791 83,868
Inventories, prepaid expenses and other assets ..... 709 (18,548) (164,883) (134,052)
Accounts payable ........................ 304,170 (4,708) (58,565) (32,676)
Accrued liabilities ........................ (20,299) 86,308 (52,157) 51,364
Accrued taxes .......................... 10,875 (3,789) 1,881 572,452
Public liability and property damage ............ (1,405) (23,381) (6,020) 2,146
Net cash provided by (used in) operating activities . . $ 3,089,488 $ 2,604,822 $ (277,803) $ 1,732,321
The accompanying notes are an integral part of these financial statements.
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