Hertz 2011 Annual Report Download - page 177
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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,
2011 2010 2009
Cash flows from operating activities:
Net income (loss) ................................ $199,120 $(25,680) $(129,528)
Adjustments to reconcile net income (loss) to net cash used
in operating activities:
Amortization and write-off of deferred financing costs ..... 2,297 2,294 1,363
Amortization of debt discount ...................... 22,172 19,733 10,715
Deferred taxes on income ......................... (5,583) (6,652) 6,189
Changes in assets and liabilities:
Taxes receivable ............................... (9,723) (10,007) (17,450)
Prepaid expenses and other assets .................. (64) (16) —
Accounts payable .............................. — (4,315) 4,095
Accrued liabilities ............................... 39 12 2,036
Accrued taxes ................................. — — (7)
Equity in losses of subsidiaries, net of tax ............... (210,489) 18,382 114,041
Net cash flows used in operating activities ................ (2,231) (6,249) (8,546)
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:
Repayment of long-term debt ........................ (15) — —
Proceeds from sale of Convertible Senior Notes .......... — — 459,483
Proceeds from exercise of stock options ................ 13,058 7,894 5,342
Accounts receivable from Hertz affiliate ................. 984 6,173 7,186
Proceeds from disgorgement of stockholders short swing
profits ....................................... 76 7 19
Net settlement on vesting of restricted stock ............. (11,465) (7,836) (2,219)
Proceeds from the sale of common stock ............... — — 528,758
Net cash provided by financing activities ................. 2,638 6,238 998,569
Net change in cash and cash equivalents during the period . . . 407 (11) (94)
Cash and cash equivalents at beginning of period .......... 164 175 269
Cash and cash equivalents at end of period ............... $ 571 $ 164 $ 175
Supplemental disclosures of cash flow information:
Cash paid (received) during the period for:
Interest (net of amounts capitalized) ................... $ 24,897 $ 24,861 $ 12,538
Income taxes ................................... — — —
The accompanying notes are an integral part of these financial statements.
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