Hertz 2012 Annual Report Download - page 189
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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,
2012 2011 2010
Cash flows from operating activities:
Net income (loss) ................................ $243,079 $ 176,170 $(48,681)
Adjustments to reconcile net income (loss) to net cash used
in operating activities:
Amortization and write-off of deferred financing costs ..... 2,295 2,297 2,294
Amortization of debt discount ...................... 24,912 22,172 19,733
Deferred taxes on income ......................... (8,078) (5,583) (6,652)
Changes in assets and liabilities:
Taxes receivable ............................... (11,529) (9,723) (10,007)
Prepaid expenses and other assets .................. (5,288) (64) (16)
Accounts payable .............................. — — (4,315)
Accrued liabilities ............................... (41) 39 12
Equity in losses of subsidiaries, net of tax ............... (275,779) (210,489) 18,383
Net cash flows used in operating activities ................ (30,429) (25,181) (29,249)
Cash flows from investing activities:
Investment in and advances to consolidated subsidiaries .... 520 — —
Return of capital from subsidiary ..................... 25,000 22,950 23,000
Net cash provided by investing activities ................. 25,520 22,950 23,000
Cash flows from financing activities:
Payment of long-term debt .......................... (4) (16) —
Proceeds from exercise of stock options ................ 11,220 13,058 7,894
Accounts receivable from Hertz affiliate ................. 13,220 984 6,173
Proceeds from disgorgement of stockholders short swing
profits ....................................... 17 77 7
Net settlement on vesting of restricted stock ............. (20,095) (11,465) (7,836)
Net cash provided by financing activities ................. 4,358 2,638 6,238
Net change in cash and cash equivalents during the period . . . (551) 407 (11)
Cash and cash equivalents at beginning of period .......... 571 164 175
Cash and cash equivalents at end of period ............... $ 20 $ 571 $ 164
Supplemental disclosures of cash flow information:
Cash paid (received) during the period for:
Interest (net of amounts capitalized) ................... $ 24,897 $ 24,897 $ 24,861
Income taxes ................................... — — —
The accompanying notes are an integral part of these financial statements.
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