American Home Shield 2011 Annual Report Download - page 77

Table of Contents
Consolidated Statements of Cash Flows
(In thousands)
Year Ended December 31,
2011 2010 2009
Cash and Cash Equivalents at Beginning of Period $ 252,698 $ 255,356 $ 407,347
Cash Flows from Operating Activities from Continuing Operations:
Net Income (Loss) 40,821 (14,559) 13,495
Adjustments to reconcile net income (loss) to net cash provided from operating activities:
Loss (income) from discontinued operations 27,016 31,998 (7,353)
Depreciation expense 72,084 60,625 56,021
Amortization expense 91,352 136,000 158,771
Amortization of debt issuance costs 14,061 14,503 14,639
Loss (gain) on extinguishment of debt 774 — (46,106)
Deferred income tax provision (benefit) 35,048 4,455 (19,106)
Stock-based compensation expense 8,412 9,352 8,097
Trade name impairment 36,700 — 26,600
Restructuring charges 8,162 11,448 26,682
Cash payments related to restructuring charges (7,530) (10,789) (23,601)
Change in working capital, net of acquisitions:
Current income taxes (2,856) (6,757) 10,245
Receivables (22,992) (32,914) (13,300)
Inventories and other current assets 1,538 (238) 1,375
Accounts payable 2,581 11,899 (17,936)
Deferred revenue 22,134 (1,928) 4,186
Accrued liabilities (33,642) 2,427 (35,382)
Other, net 1,338 7,022 11,005
Net Cash Provided from Operating Activities from Continuing Operations 295,001 222,544 168,332
Cash Flows from Investing Activities from Continuing Operations:
Property additions (96,540) (134,234) (56,004)
Sale of equipment and other assets 4,605 1,355 1,654
Acquisition of The ServiceMaster Company (35) (2,245) (1,695)
Other business acquisitions, net of cash acquired (44,365) (57,941) (32,647)
Purchase of other intangibles (1,900) (2,500) —
Notes receivable, financial investments and securities, net 3,009 20,427 6,151
Net Cash Used for Investing Activities from Continuing Operations (135,226) (175,138) (82,541)
Cash Flows from Financing Activities from Continuing Operations:
Borrowings of debt 4,000 15,000 —
Payments of debt (105,905) (61,333) (252,885)
Debt issuance costs paid (267) (30) (426)
Net Cash Used for Financing Activities from Continuing Operations (102,172) (46,363) (253,311)
Cash Flows from Discontinued Operations:
Cash (used for) provided from operating activities (5,888) 6,776 21,426
Cash provided from (used for) investing activities:
Proceeds from sale of businesses 26,134 — —
Other investing activities (1,617) (10,477) (5,897)
Net Cash Provided from (Used for) Discontinued Operations 18,629 (3,701) 15,529
Cash Increase (Decrease) During the Period 76,232 (2,658) (151,991)
Cash and Cash Equivalents at End of Period $ 328,930 $ 252,698 $ 255,356
See accompanying Notes to the Consolidated Financial Statements.
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