eTrade 2011 Annual Report Download - page 103
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E*TRADE FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(In thousands)
Year Ended December 31,
2011 2010 2009
Cash flows from operating activities:
Net income (loss) $ 156,701 $ (28,472) $ (1,297,762)
Adjustments to reconcile net income (loss) to net cash provided
by operating activities:
Provision for loan losses 440,614 779,412 1,498,112
Depreciation and amortization (including discount
amortization and accretion) 340,691 339,085 345,969
Net impairment, gains on loans and securities, net and
(gains) losses on sales of investments, net (105,370) (131,197) (78,297)
Equity in loss of investments and venture funds 1,759 740 8,616
(Gains) losses on early extinguishment of debt (3,091) — 1,018,848
Share-based compensation 14,456 25,361 46,184
Deferred taxes 7,895 (86,199) (488,689)
Other 4,806 (8,600) (4,480)
Net effect of changes in assets and liabilities:
(Increase) decrease in cash and investments required to be
segregated under federal or other regulations (666,077) 823,626 (394,523)
Decrease (increase) in margin receivables 294,319 (1,366,093) (1,023,373)
Increase in customer payables 570,772 136,525 1,346,736
Proceeds from sales of loans held-for-sale 123,441 154,603 118,100
Originations of loans held-for-sale (129,654) (138,043) (125,650)
Proceeds from sales, repayments and maturities of trading
securities 1,926,439 998,202 1,229,635
Purchases of trading securities (1,909,565) (1,023,089) (1,207,151)
Decrease (increase) in other assets 32,787 369,720 (265,797)
(Decrease) increase in other liabilities (4,968) 203,714 245,479
Net cash provided by operating activities 1,095,955 1,049,295 971,957
Cash flows from investing activities:
Purchases of available-for-sale securities (10,251,611) (16,981,702) (22,370,041)
Proceeds from sales, maturities of and principal payments on
available-for-sale securities 9,929,506 15,681,935 19,945,842
Purchases of held-to-maturity securities (4,040,208) (2,626,409) —
Proceeds from maturities of and principal payments on
held-to-maturity securities 408,674 160,590 —
Net decrease in loans receivable 2,201,838 2,745,200 3,555,843
Capital expenditures for property and equipment (89,410) (82,076) (86,195)
Proceeds from sale of REO and repossessed assets 156,991 213,926 156,783
Net cash flow from derivatives hedging assets 14,899 (53,604) 991
Other 39,147 (130,714) (5,000)
Net cash (used in) provided by investing activities $ (1,630,174) $ (1,072,854) $ 1,198,223
See accompanying notes to the consolidated financial statements
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