Invacare 2009 Annual Report Download - page 73

CONSOLIDATED STATEMENT OF CASH FLOWS
INVACARE CORPORATION AND SUBSIDIARIES
Years Ended December 31,
2009 2008 (1) 2007 (1)
(In thousands)
Operating Activities
Net earnings (loss) ............................................. $ 41,179 $ 34,857 $ (1,714)
Adjustments to reconcile net earnings (loss) to net cash provided by
operating activities:
Depreciation and amortization ................................ 40,562 43,744 43,717
Provision for losses on trade and installment receivables ........... 19,281 14,284 11,927
Provision for deferred income taxes ........................... 1,785 1,420 6,030
Provision for other deferred liabilities .......................... 2,573 2,930 3,570
Provision for stock-based compensation ........................ 4,495 3,299 2,554
Loss on disposals of property and equipment .................... 1,237 145 1,686
Debt finance charges, interest and fees associated with debt
refinancing or early extinguishment of debt ................... 2,878 — 13,408
Asset write-downs to intangibles and investments ................ 8,409 — —
Amortization of convertible debt discount ....................... 4,142 3,694 2,904
Changes in operating assets and liabilities:
Trade receivables .......................................... 6,452 (15,031) 1,469
Installment sales contracts, net ................................ (3,356) (3,788) (8,348)
Inventories ............................................... 20,515 (292) 14,542
Other current assets ........................................ 11,628 4,754 31,377
Accounts payable .......................................... 12,532 (20,440) (18,298)
Accrued expenses .......................................... (18,012) 5,479 (15,661)
Other long-term liabilities ................................... (637) 1,359 (10,063)
Net Cash Provided by Operating Activities ................ 155,663 76,414 79,100
Investing Activities
Purchases of property and equipment .......................... (17,999) (19,957) (20,068)
Proceeds from sale of property and equipment ................... 1,163 211 501
Business acquisitions, net of cash acquired ...................... — (8,420) (5,496)
Decrease in other long-term assets ............................. 601 4,882 1,446
Other .................................................... (447) 799 1,559
Net Cash Used for Investing Activities .................... (16,682) (22,485) (22,058)
Financing Activities
Proceeds from revolving lines of credit, securitization facility and
long-term borrowings ..................................... 400,123 356,261 699,001
Payments on revolving lines of credit, securitization facility and long-
term borrowings ......................................... (553,436) (417,182) (754,002)
Proceeds from exercise of stock options ........................ 1,628 834 44
Payment of financing costs .................................. — — (22,992)
Payment of dividends ....................................... (1,605) (1,599) (1,596)
Net Cash Used by Financing Activities ................... (153,290) (61,686) (79,545)
Effect of exchange rate changes on cash ............................ 4,294 (6,927) 2,500
Decrease in cash and cash equivalents .............................. (10,015) (14,684) (20,003)
Cash and cash equivalents at beginning of year ....................... 47,516 62,200 82,203
Cash and cash equivalents at end of year ............................ $ 37,501 $ 47,516 $ 62,200
(1) Adjusted to reflect the retrospective application of FSP APB 14-1 as codified in Debt with Conversion and
Other Options, ASC 470-20. See Recent Accounting Pronouncements.
See notes to consolidated financial statements.
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