Hertz 2010 Annual Report Download - page 164
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SCHEDULE I (Continued)
HERTZ GLOBAL HOLDINGS, INC.
PARENT COMPANY STATEMENTS OF CASH FLOWS
(In Thousands of Dollars)
Years ended December 31,
2010 2009 2008
Cash flows from operating activities:
Net loss ...................................... $(25,044) $(126,022) $(1,206,746)
Adjustments to reconcile net loss to net cash used in
operating activities:
Amortization and write-off of deferred financing costs .... 2,294 1,363 —
Amortization of debt discount ..................... 19,733 10,715 —
Deferred taxes on income ....................... (6,652) 6,189 (328)
Changes in assets and liabilities:
Receivables ................................. — — 5
Taxes receivable .............................. (10,007) (17,450) —
Prepaid expenses and other assets ................ (16) — 22
Accounts payable ............................. (4,315) 4,095 171
Accrued liabilities ............................. 12 2,036 (239)
Accrued taxes ................................ — (7) (270)
Equity in losses of subsidiaries, net of tax ............. 17,746 110,535 1,206,525
Net cash flows used in operating activities ............... (6,249) (8,546) (860)
Cash flows from investing activities:
Investment in and advances to consolidated subsidiaries . . — (990,117) —
Net cash used in investing activities ................... — (990,117) —
Cash flows from financing activities:
Proceeds from sale of Convertible Senior Notes ......... — 459,483 —
Proceeds from exercise of stock options .............. 7,894 5,342 6,754
Accounts receivable from Hertz affiliate ............... 6,173 7,186 (6,273)
Proceeds from disgorgement of stockholders short swing
profits ...................................... 7 19 138
Net settlement on vesting of restricted stock ............ (7,836) (2,219) —
Proceeds from the sale of common stock ............. — 528,758 —
Net cash provided by financing activities ................ 6,238 998,569 619
Net change in cash and cash equivalents during the period . . (11) (94) (241)
Cash and cash equivalents at beginning of period ......... 175 269 510
Cash and cash equivalents at end of period ............. $ 164 $ 175 $ 269
Supplemental disclosures of cash flow information:
Cash paid (received) during the period for:
Interest (net of amounts capitalized) .................. $24,861 $ 12,538 $ (576)
Income taxes .................................. — — 1,383
The accompanying notes are an integral part of these financial statements.
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