American Home Shield 2007 Annual Report Download - page 53

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Consolidated Statements of Cash Flows
(In thousands)
For years ended December 31, 2006 2005 2004
Cash and Cash Equivalents at January 1 $ 114,508 $ 256,626 $ 228,161
Cash Flows from Operating Activities from Continuing Operations:
Net Income 169,699 198,925 331,227
Adjustments to reconcile net income to net cash
provided from operating activities:
Loss (income) from discontinued operations 16,869 (18,364) (14,604)
Non-cash reduction in continuing operations tax expense — — (149,722)
Depreciation expense 48,679 44,313 42,680
Amortization expense 11,243 5,454 6,006
Option and restricted stock expense 10,869 8,566 5,844
Change in working capital, net of acquisitions:
Change in tax accounts:
Current and deferred income taxes 56,457 60,941 66,639
Resolution of income tax audits (3,480) (86,356) 25,000
Receivables (43,240) (29,439) (12,765)
Inventories and other current assets (4,178) (3,743) 4,692
Accounts payable 15,936 36,741 (3,436)
Deferred revenue 3,093 1,540 14,339
Accrued liabilities 309 17,848 51,285
Other, net 7,030 6,282 2,872
Net Cash Provided from Operating Activities from Continuing
Operations 289,286 242,708 370,057
Cash Flows from Investing Activities from Continuing Operations:
Property additions (52,492) (41,771) (45,346)
Sale of equipment and other assets 1,830 2,838 6,606
Business acquisitions, net of cash acquired (143,406) (33,719) (40,184)
Notes receivable, financial investments and securities (26,495) (8,371) (45,580)
Net Cash Used for Investing Activities from Continuing Operations (220,563) (81,023) (124,504)
Cash Flows from Financing Activities from Continuing Operations:
Borrowings of debt 1,259,565 730,287 1,000
Payments of debt (1,251,326) (894,102) (38,042)
Shareholders' dividends (133,233) (128,048) (125,476)
Purchase of ServiceMaster stock (86,053) (52,324) (63,085)
Proceeds from employee share plans 54,606 29,518 16,631
Net Cash Used for Financing Activities from Continuing Operations (156,441) (314,669) (208,972)
Cash Flows from Discontinued Operations:
Cash provided from (used for) operating activities (18,662) 14,181 (1,189)
Cash provided from (used for) investing activities:
Proceeds from sale of businesses 115,415 — —
Other investing activities 132 (3,315) (6,927)
Net Cash Provided from (Used for) Discontinued Operations 96,885 10,866 (8,116)
Cash Increase (Decrease) During the Year 9,167 (142,118) 28,465
Cash and Cash Equivalents at December 31 $ 123,675 $ 114,508 $ 256,626
See accompanying Notes to the Consolidated Financial Statements.
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