American Home Shield 2002 Annual Report Download - page 42

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(In thousands)
(Restated 1) (Restated 1)
For years ended December 31, 2002 2001 2000
Cash and Cash Equivalents at January 1 $ 402,644 $ 42,669 $ 49,565
Cash Flows from Operations:
Net Income 156,994 116,384 153,681
Adjustments to reconcile net income to net cash
provided from operations:
(Income) loss from discontinued operations 3,875 (284,270) (40,568)
Charge for impaired assets and other items, net of tax (1,200) 279,393 -
Extraordinary loss 9,229 3,422 -
Cumulative effect of accounting change -- 11,161
Depreciation expense 50,434 49,913 48,320
Amortization expense 7,442 70,890 67,204
Deferred income tax expense 65,799 37,470 43,821
Change in working capital, net of acquisitions:
Receivables 13,282 (1,313) (3,584)
Inventories and other current assets (8,030) (14,677) (2,320)
Accounts payable (4,241) (4,445) (11,995)
Deferred revenues 49,849 35,750 21,129
Accrued liabilities 37,127 22,266 (23,403)
Tax refund from prior years payments -51,000 39,000
Other, net 489 1,150 721
Net Cash Provided from Operations 381,049 362,933 303,167
Cash Flows from Investing Activities:
Property additions (60,599) (41,709) (56,460)
Sale of equipment and other assets 4,615 9,838 13,576
Business acquisitions, net of cash acquired (13,003) (55,842) (144,834)
Proceeds from business sales -- 44,784
Notes receivable, financial investments and securities (2,117) (15,361) (22,398)
Proceeds from sale of Management Services - 766,779 -
Proceeds from sale of European businesses 30,500 90,387 -
Net Cash Provided from (Used for) Investing Activities (40,604) 754,092 (165,332)
Cash Flows from Financing Activities:
Net borrowings (payments) (345,142) (719,963) 11,266
Shareholders’ dividends (123,204) (119,008) (114,321)
Purchase of ServiceMaster stock (52,058) (1,308) (135,633)
Other, net 19,140 13,970 12,769
Net Cash Used for Financing Activities (501,264) (826,309) (225,919)
Net Cash Provided from (Used for) Discontinued Operations (14,416) 69,259 81,188
Cash Increase (Decrease) During the Year (175,235) 359,975 (6,896)
Cash and Cash Equivalents at December 31 $227,409 $402,644 $42,669
(1) See the “Restatement” section in the Notes to the Consolidated Financial Statements for the basis for the restatement and the financial
statement impact.
See accompanying Notes to the Consolidated Financial Statements.
38 ServiceMaster
Consolidated Statements of Cash Flows