Avis 2008 Annual Report Download - page 68

Avis Budget Group, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
F
-
5
Year Ended December 31,
2008
2007
2006
Operating Activities
Net loss
$
(1,124
)
$
(916
)
$
(1,994
)
Adjustments to arrive at loss from continuing operations
_
(31
)
1,543
Loss from continuing operations
(1,124
)
(947
)
(451
)
Adjustments to reconcile loss from continuing operations to net cash provided by (used in) operating
activities exclusive of vehicle programs:
Non
-
vehicle related depreciation and amortization
88
84
105
Deferred income taxes
(241
)
(57
)
(200
)
Impairment
1,262
1,195
_
Net change in assets and liabilities, excluding the impact of acquisitions and dispositions:
Receivables
50
(6
)
(33
)
Income taxes
7
38
(301
)
Accounts payable and other current liabilities
(40
)
(120
)
(87
)
Other, net
63
(38
)
(143
)
Net cash provided by (used in) operating activities exclusive of vehicle programs
65
149
(1,110
)
Vehicle programs:
Vehicle depreciation
1,639
1,565
1,362
1,639
1,565
1,362
Net cash provided by operating activities
1,704
1,714
252
Investing activities
Property and equipment additions
(83
)
(94
)
(95
)
Net assets acquired (net of cash acquired) and acquisition
-
related payments
(88
)
(11
)
(118
)
Proceeds received on asset sales
17
19
25
Proceeds from sale of investment
_
106
_
Payments made to Realogy and Wyndham, net
(3
)
(108
)
_
Purchase of equity investment
_
(60
)
_
Other, net
(14
)
(13
)
4
Net cash used in investing activities exclusive of vehicle programs
(171
)
(161
)
(184
)
Vehicle programs:
Decrease (increase) in program cash
(11
)
13
1
Investment in vehicles
(8,608
)
(10,633
)
(11,348
)
Proceeds received on disposition of vehicles
6,722
8,864
10,790
Other, net
(28
)
_
(12
)
(1,925
)
(1,756
)
(569
)
Net cash used in investing activities
(2,096
)
(1,917
)
(753
)