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See Notes to Consolidated Financial Statements
53
ORBITZ WORLDWIDE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Years Ended December 31,
2014 2013 2012
Operating activities:
Net income/(loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 17,280 $ 165,085 $ (301,738)
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57,549 55,110 57,046
Impairment of goodwill and intangible assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 321,172
Impairment of property and equipment and other assets . . . . . . . . . . . . . . . . . . . . . . — 2,636 1,417
Amortization of unfavorable contract liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (325) (3,580) (6,717)
Non-cash net interest expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,193 14,959 13,251
Deferred income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,234 (167,479) 869
Stock compensation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,196 12,913 7,566
Changes in assets and liabilities:
Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (38,588) (7,906) (12,549)
Due from Travelport, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,285) (6,735) (1,624)
Accounts payable, accrued expenses and other current liabilities . . . . . . . . . . . . . . 16,489 20,209 (5,549)
Accrued merchant payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,636 66,814 28,065
Deferred income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,238 5,130 8,429
Other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,882 (3,913) (2,579)
Net cash provided by operating activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 149,499 153,243 107,059
Investing activities:
Property and equipment additions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (51,131) (39,302) (47,026)
Acquisitions, net of cash acquired. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10,000) — —
Changes in restricted cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,344 (93,965) (16,812)
Net cash used in investing activities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (43,787) (133,267) (63,838)
Financing activities:
Payments on and retirement of term loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (445,500) (896,780) (32,183)
Issuance of long-term debt, net of issuance costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . 443,256 877,718 —
Employee tax withholdings related to net share settlements of
equity-based awards. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7,217) (6,472) (2,179)
Proceeds from exercise of employee stock options . . . . . . . . . . . . . . . . . . . . . . . . . . 467 7,340 —
Payments on tax sharing liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (14,375) (16,765) (15,408)
Payments on note payable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — (231)
Net cash used in financing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (23,369) (34,959) (50,001)
Effects of changes in exchange rates on cash and cash equivalents . . . . . . . . . . . . . . . . . . (11,246) 2,106 871
Net increase/(decrease) in cash and cash equivalents. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71,097 (12,877) (5,909)
Cash and cash equivalents at beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117,385 130,262 136,171
Cash and cash equivalents at end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 188,482 $ 117,385 $ 130,262