Thrifty Car Rental 2009 Annual Report Download - page 54

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DOLLAR THRIFTY AUTOMOTIVE GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Y
EAR ENDED DECEMBER 31, 2009, 2008 AND 2007
(In Thousands)
2009 2008 2007
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) 45,022$ (346,718)$ 1,215$
Adjustments to reconcile net income (loss) to net cash provided by
operating activities:
Depreciation:
Vehicle depreciation 460,660 539,024 493,712
Non-vehicle depreciation 19,200 22,722 21,704
Net gains from disposition of revenue-earning vehicles (35,086) (774) (18,745)
Amortization 7,994 7,355 6,386
Goodwill and long-lived asset impairment 2,592 366,822 3,719
Interest income earned on restricted cash and investments (3,202) (8,922) (13,975)
Performance share incentive, stock option and restricted stock plans 4,698 3,917 7,682
Provision for losses on receivables 3,129 7,878 1,022
Deferred income taxes 16,854 (112,107) 7,977
(Increase)/decrease in fair value of derivatives (28,848) 36,114 38,990
Change in assets and liabilities, net of acquisitions:
Income taxes receivable/payable (3,220) 10,489 (8,577)
Receivables 28,574 4,942 9,531
Prepaid expenses and other assets 12,275 33,973 16,167
Accounts payable (2,522) (27,931) 13,194
Accrued liabilities 6,761 (24,175) (34,226)
Vehicle insurance reserves (1,726) 276 6,113
Other 2,769 (5,730) 4,430
Net cash provided by operating activities 535,924 507,155 556,319
CASH FLOWS FROM INVESTING ACTIVITIES:
Revenue-earning vehicles:
Purchases (1,060,251) (2,249,227) (4,040,219)
Proceeds from sales 1,477,368 2,536,146 3,373,801
Change in cash and cash equivalents - required minimum balance (100,000) - -
Net change in restricted cash and investments (22,750) (454,721) 270,824
Property, equipment and software:
Purchases (15,508) (28,895) (40,647)
Proceeds from sales 104 399 1,215
Acquisition of businesses, net of cash acquired (8) (2,068) (30,292)
Net cash provided by (used in) investing activities 278,955 (198,366) (465,318)
(Continued)
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