Thrifty Car Rental 2011 Annual Report Download - page 58

Download and view the complete annual report

Please find page 58 of the 2011 Thrifty Car Rental annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 118

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118

DOLLAR THRIFTY AUTOMOTIVE GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Y
EAR ENDED DECEMBER 31, 2011, 2010 AND 2009
(In Thousands)
2011 2010 2009
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income 159,550$ 131,216$ 45,022$
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation:
Vehicle depreciation 317,814 362,233 460,660
Non-vehicle depreciation 19,381 20,190 19,200
Net gains from disposition of revenue-earning vehicles (46,887) (63,084) (35,086)
Amortization 7,505 7,290 7,994
Performance share incentive, stock option and restricted stock plans 3,234 4,785 4,698
Interest income earned on restricted cash and investments (397) (653) (3,202)
Long-lived asset impairment - 1,057 2,592
Provision for (recovery of) losses on receivables 43 (399) 3,129
Deferred income taxes 86,652 76,957 16,854
Change in fair value of derivatives (3,244) (28,694) (28,848)
Change in assets and liabilities, net of acquisitions:
Income taxes payable/receivable 47,017 (61,357) (3,220)
Receivables (7,675) 6,442 28,574
Prepaid expenses and other assets 14,433 6,337 12,275
Accounts payable 2,810 (1,531) (2,522)
Accrued liabilities (6,472) 1,687 6,761
Vehicle insurance reserves (21,205) (864) (1,726)
Other (5,265) 329 2,769
Net cash provided by operating activities 567,294 461,941 535,924
CASH FLOWS FROM INVESTING ACTIVITIES:
Revenue-earning vehicles - Purchases (1,168,532) (1,239,088) (1,060,251)
Revenue-earning vehicles - Proceeds from sales 757,766 856,775 1,477,368
Change in cash and cash equivalents - required minimum balance 100,000
- (100,000)
Net change in restricted cash and investments (75,461) 345,786 (22,750)
Property, equipment and software - Purchases (16,633) (23,031) (15,508)
Property, equipment and software - Proceeds from sales 359 464 104
Acquisition of businesses, net of cash acquired - - (8)
Net cash provided by (used in) investing activities (402,501) (59,094) 278,955
(Continued)