Thrifty Car Rental 2009 Annual Report Download - page 84

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Upon further review, management has concluded that the appropriate presentation of sales of
revenue-earning vehicles and incentives related to vehicle purchases for which cash has not been
received is to exclude them from both the operating and investing sections of the cash flow
statement, with supplemental disclosure of such amounts reported in the footnotes. The impact of
the restatement on amounts reported in the operating and investing sections of the cash flow
statements are equal in amount and fully offset. There is no impact on the Company’s previously
reported results of operations or financial position and this restatement does not affect the Company’s
previously reported disclosures relating to liquidity or its compliance with debt covenants. As such,
management has concluded that this restatement is not material to its previously issued financial
statements. A summary of the cash flow amounts affected by the restatement are as follows:
As Previously As
Reported Adjustment Restated
(In Thousands)
Net cash provided by operating activities 470,049$ 37,106$ 507,155$
Net cash used in investing activities (161,260) (37,106) (198,366)
CHANGE IN CASH AND CASH EQUIVALENTS 128,611 - 128,611
As Previously As
Reported Adjustment Restated
(In Thousands)
Net cash provided by operating activities 537,310$ 19,009$ 556,319$
Net cash used in investing activities (446,309) (19,009) (465,318)
CHANGE IN CASH AND CASH EQUIVALENTS (90,956) - (90,956)
Year Ended December 31, 2008
Year Ended December 31, 2007
See Note 18 for the effect of this error on the three, six and nine month periods ended March 31,
2009, June 30, 2009 and September 30, 2009, respectively.
83