Hertz 2007 Annual Report Download - page 131

HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(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 investing activities:
Net change in restricted cash .................... $ (105,856) $ (260,212) $ (273,640) $ (12,660)
Purchase of predecessor company stock ............. — — (4,379,374) —
Proceeds from sales of short-term investments, net ....... — — — 556,997
Revenue earning equipment expenditures ............ (11,342,095) (11,420,898) (234,757) (12,186,205)
Proceeds from disposal of revenue earning equipment ..... 9,214,266 9,555,025 199,711 10,106,260
Property and equipment expenditures ............... (196,001) (223,943) (8,503) (334,543)
Proceeds from disposal of property and equipment ....... 98,957 73,887 1,528 76,379
Licensee acquisitions ......................... (12,514) — — —
Other investing activities ....................... (362) (2,016) — 2
Net cash used in investing activities ............. (2,343,605) (2,278,157) (4,695,035) (1,793,770)
Cash flows from financing activities:
Issuance of an intercompany note ................. — — — 1,185,000
Proceeds from issuance of long-term debt ............ 9,903 1,309,437 8,643,894 27,162
Repayment of long-term debt .................... (996,203) (1,247,425) (5,118,559) (619,402)
Short-term borrowings:
Proceeds ............................... 695,000 747,469 10,333 3,208,085
Repayments ............................. (695,000) (901,123) (1,357,614) (2,263,346)
Ninety-day term or less, net .................... 295,229 (465,595) 364,009 270,715
Dividends paid ............................. — (1,259,518) — (1,185,000)
Proceeds from the sale of stock .................. — 1,284,503 2,295,000 —
Distributions to minority interest ................... (13,475) (10,830) — (8,614)
Exercise of stock options ....................... 5,599 — — —
Proceeds from disgorgement of stockholder short-swing
profits ................................. 4,755 — — —
Payment of financing costs ..................... (39,895) (40,783) (192,419) —
Net cash (used in) provided by financing activities ..... (734,087) (583,865) 4,644,644 614,600
Effect of foreign exchange rate changes on cash and
equivalents ............................... 43,858 87,841 (1,894) (57,120)
Net increase (decrease) in cash and equivalents during the
period .................................. 55,654 (169,359) (330,088) 496,031
Cash and equivalents at beginning of period ............ 674,549 843,908 1,173,996 677,965
Cash and equivalents at end of period ................ $ 730,203 $ 674,549 $ 843,908 $ 1,173,996
Supplemental disclosures of cash flow information:
Cash paid (received) during the period for:
Interest (net of amounts capitalized) ................ $ 814,059 $ 681,480 $ 124,005 $ 416,436
Income taxes .............................. 28,293 33,645 (379) 29,883
Non-cash transactions excluded from cash flow presentation:
Revaluation of net assets to fair market value, net of tax .... $ — $ 75,459 $ 2,145,563 $ —
Non-cash settlement of outstanding balances with Ford .... — — 112,490 —
The accompanying notes are an integral part of these financial statements.
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