eTrade 2011 Annual Report Download - page 168
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CONDENSED 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:
Depreciation and amortization 84,026 90,131 87,191
(Income) loss from subsidiaries(1) (205,653) (188,740) 612,700
Dividends from E*TRADE Securities LLC 62,000 124,000 63,000
(Gains) losses on early extinguishment of debt (3,091) — 968,254
Other 16,035 22,071 30,744
Net effect of increase in other assets (164,597) (10,216) (429,058)
Net effect of increase in other liabilities 5,697 121,974 176,156
Net cash (used in) provided by operating activities (48,882) 130,748 211,225
Cash flows from investing activities:
Capital expenditures for property and equipment (23,742) (81,467) (86,252)
Sale of property and equipment to subsidiaries 90,547 — —
Cash contributions to subsidiaries (9,500) (8,332) (653,438)
Other (177) 11,361 9,000
Net cash provided by (used in) investing activities 57,128 (78,438) (730,690)
Cash flows from financing activities:
Net proceeds from issuance of senior notes 427,331 — —
Payments on senior notes (425,956) — —
Claims settlement under Section 16(b) — 35,000 —
Proceeds from issuance of common stock — — 733,118
Other 613 3,370 (19,421)
Net cash provided by financing activities 1,988 38,370 713,697
Increase in cash and equivalents 10,234 90,680 194,232
Cash and equivalents, beginning of period 468,176 377,496 183,264
Cash and equivalents, end of period $ 478,410 $ 468,176 $ 377,496
(1) Includes equity in (income) loss of subsidiaries, net of returns of capital and dividends received, except for E*TRADE Securities LLC.
Dividends received from subsidiaries other than E*TRADE Securities LLC for the years ended December 31, 2011, 2010 and 2009 were
$98.5 million, $33.8 million and $230.2 million, respectively.
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