Hertz 2008 Annual Report Download - page 212

SCHEDULE I (Continued)
HERTZ GLOBAL HOLDINGS, INC.
PARENT COMPANY STATEMENTS OF CASH FLOWS
(In Thousands of Dollars)
Years ended December 31,
2008 2007 2006
Cash flows from operating activities:
Net income (loss) ............................... $(1,206,746) $ 264,559 $ 131,414
Adjustments to reconcile net income (loss) to net cash used
in operating activities:
Amortization and write-off of deferred financing costs .... — — 505
Amortization of debt discount ..................... — — 5,000
Deferred taxes on income ........................ (328) (40) (15,732)
Changes in assets and liabilities:
Receivables .................................. 5 26 (31)
Prepaid expenses and other assets ................. 22 (24) —
Accounts payable .............................. 171 (1,027) 1,076
Accrued liabilities .............................. (239) (1,026) 1,296
Accrued taxes ................................ (270) 277 —
Equity in (earnings) losses of subsidiaries, net of tax ...... 1,206,525 (266,825) (140,289)
Net cash flows used in operating activities ............... (860) (4,080) (16,761)
Cash flows from investing activities:
Investment in and advances to consolidated subsidiaries . . . — — (15,472)
Dividends from subsidiary .......................... — — 15,471
Net cash used in investing activities .................... — — (1)
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 .......................... 6,754 5,599 —
Accounts receivable from Hertz affiliate ................ (6,273) (8,482) —
Proceeds from disgorgement of stockholders short swing
profits ...................................... 138 4,755 —
Proceeds from the sale of common stock .............. — — 1,284,503
Dividends paid .................................. — — (1,259,518)
Net cash provided by financing activities ................ 619 1,872 19,480
Net change in cash and equivalents during the period ....... (241) (2,208) 2,718
Cash and equivalents at beginning of period .............. 510 2,718 —
Cash and equivalents at end of period .................. $ 269 $ 510 $ 2,718
Supplemental disclosures of cash flow information:
Cash paid (received) during the period for:
Interest (net of amounts capitalized) .................. $ (576) $ (367) $ 34,482
Income taxes ................................... 1,383 — —
The accompanying notes are an integral part of these financial statements.
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