Hertz 2009 Annual Report Download - page 187

SCHEDULE I (Continued)
HERTZ GLOBAL HOLDINGS, INC.
PARENT COMPANY STATEMENTS OF CASH FLOWS
(In Thousands of Dollars)
Years ended December 31,
2009 2008 2007
Cash flows from operating activities:
Net income (loss) ................................. $(126,022) $(1,206,746) $ 264,559
Adjustments to reconcile net income (loss) to net cash used in
operating activities:
Amortization and write-off of deferred financing costs ...... 1,363 ——
Amortization of debt discount ....................... 10,715 ——
Deferred taxes on income ......................... 6,189 (328) (40)
Changes in assets and liabilities:
Receivables ................................... —526
Taxes receivable ................................ (17,450) ——
Prepaid expenses and other assets .................. — 22 (24)
Accounts payable ............................... 4,095 171 (1,027)
Accrued liabilities ............................... 2,036 (239) (1,026)
Accrued taxes .................................. (7) (270) 277
Equity in (earnings) losses of subsidiaries, net of tax ........ 110,535 1,206,525 (266,825)
Net cash flows used in operating activities ................. (8,546) (860) (4,080)
Cash flows from investing activities:
Investment in and advances to consolidated subsidiaries .... (990,117) ——
Dividends from subsidiary ........................... ———
Net cash used in investing activities ..................... (990,117) ——
Cash flows from financing activities:
Proceeds from convertible debt offering ................. 459,483 ——
Repayment of long-term debt ........................ ———
Payment of financing costs .......................... ———
Proceeds from exercise of stock options ................ 5,342 6,754 5,599
Accounts receivable from Hertz affiliate ................. 7,186 (6,273) (8,482)
Proceeds from disgorgement of stockholders short swing
profits ........................................ 19 138 4,755
Net settlement on vesting of restricted stock .............. (2,219)
Proceeds from the sale of common stock ............... 528,758 ——
Dividends paid ................................... ———
Net cash provided by financing activities .................. 998,569 619 1,872
Net decrease in cash and cash equivalents during the period . . . (94) (241) (2,208)
Cash and cash equivalents at beginning of period ........... 269 510 2,718
Cash and cash equivalents at end of period ............... $ 175 $ 269 $ 510
Supplemental disclosures of cash flow information:
Cash paid (received) during the period for:
Interest (net of amounts capitalized) .................... $ 12,538 $ (576) $ (367)
Income taxes .................................... — 1,383 —
The accompanying notes are an integral part of these financial statements.
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