Hertz 2007 Annual Report Download - page 194

SCHEDULE I (Continued)
HERTZ GLOBAL HOLDINGS, INC.
PARENT COMPANY STATEMENTS OF CASH FLOWS
(In Thousands of Dollars)
For the period from
Years ended December 31, December 21, 2005
2007 2006 to December 31, 2005
Cash flows from operating activities:
Net income (loss) ............................ $264,559 $ 131,414 $ (21,346)
Non-cash expenses:
Amortization of deferred financing costs ............. — 505 —
Amortization of debt discount ................... — 5,000 —
Deferred taxes on income ..................... (40) (15,732) —
Changes in assets and liabilities:
Receivables .............................. 26 (31) —
Prepaid expenses and other assets ............... (24) — —
Accounts payable ........................... (1,027) 1,076 —
Accrued liabilities ........................... (1,026) 1,296 —
Accrued taxes ............................. 277 — —
Equity (earnings) losses of subsidiaries, net of tax ....... (266,825) (140,289) 21,346
Net cash flows used in operating activities .............. (4,080) (16,761) —
Cash flows from investing activities:
Investment in and advances to consolidated subsidiaries . . . — (15,472) (2,295,000)
Dividends from subsidiary ....................... — 15,471 —
Net cash used in investing activities .................. — (1) (2,295,000)
Cash flows from financing activities:
Proceeds from issuance of long-term debt ............ — 1,000,000 —
Repayment of long-term debt ..................... — (1,000,000) —
Payment of financing costs ...................... — (5,505) —
Exercise of stock options ....................... 5,599 — —
Accounts receivable from Hertz affiliate .............. (8,482) — —
Proceeds from disgorgement of stockholders short swing
profits .................................. 4,755 — —
Proceeds from the sale of common stock ............. — 1,284,503 2,295,000
Dividends paid .............................. — (1,259,518) —
Net cash provided by financing activities ............... 1,872 19,480 2,295,000
Effect of foreign exchange rate changes on cash and
equivalents ................................ — — —
Net (decrease) increase in cash and equivalents during the
period ................................... (2,208) 2,718 —
Cash and equivalents at beginning of period ............ 2,718 — —
Cash and equivalents at end of period ................ $ 510 $ 2,718 $ —
Supplemental disclosures of cash flow information:
Cash paid (received) during the period for:
Interest (net of amounts capitalized) ................ $ (367) $ 34,482 $ —
Income taxes ............................... — — —
The accompanying notes are an integral part of these financial statements.
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