Avis 2011 Annual Report Download - page 107

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F-53
For the Year Ended December 31, 2009
Subsidiary Guarantor Non-Guarantor
Parent
Issuers Subsidiaries Subsidiaries Eliminations Total
Net cash provided by (used in) operating
activities $ (70) $ 60 $ 57 $ 1,448 $ (4) $ 1,491
Investing activities
Property and equipment additions - (10) (26) (3) - (39)
Proceeds received on asset sales - 13 - 1 - 14
Other, net 2 (2) (1) 1 - -
Net cash provided by (used in)
investing activities exclusive of
vehicle programs 2 1 (27) (1) - (25)
Vehicle programs:
Increase in program cash - - - (145) - (145)
Investment in vehicles - (36) - (6,739) - (6,775)
Proceeds received on disposition of
vehicles - 74 7 7,063 - 7,144
Other, net - - - (33) - (33)
-
38 7 146 - 191
Net cash provided by (used in) investing
activities 2
39 (20) 145 - 166
Financing activities
Proceeds from borrowings 345 100 - - - 445
Principal payments on borrowings - (109) (2) - - (111)
Proceeds from warrant issuance 62 - - - - 62
Purchases call options (95) - - - - (95)
Net intercompany transactions - (2) 52 (54) 4 -
Debt financing fees (11) - - - - (11)
Other, net (2) - - - - (2)
Net cash provided by (used in)
financing activities exclusive of
vehicle programs 299 (11) 50 (54) 4 288
Vehicle programs:
Proceeds from borrowings - - - 7,527 - 7,527
Principal payments on borrowings - (43) (95) (9,009) - (9,147)
Net change in short-term borrowings - - - (107) - (107)
Debt financing fees - (26) - - - (26)
-
(69) (95) (1,589) - (1,753)
Net cash provided by (used in) financing
activities 299 (80) (45) (1,643) 4 (1,465)
Effect of changes in exchange rates on
cash and cash equivalents - - - 32 - 32
Net increase (decrease) in cash and cash
equivalents 231 19 (8) (18) - 224
Cash and cash equivalents, beginning
of period 11 51 15 181 - 258
Cash and cash equivalents,
end of period $ 242 $ 70 $ 7 $ 163 $ - $ 482