Orbitz 2008 Annual Report Download - page 73

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ORBITZ WORLDWIDE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
As Restated (Note 19)
Year Ended
December 31,
2007
Successor
Period from
August 23, 2006 to
December 31,
2006
Successor
Period from
January 1, 2006
to August 22,
2006
Predecessor
Year Ended
December 31,
2005
Predecessor
Operating activities:
Net (loss) $ (85) $ (25) $ (121) $ (388)
Adjustments to reconcile net (loss) to net cash
provided by operating activities:
Depreciation and amortization 57 18 37 78
Non-cash revenue (7) (3) (8) (16)
Impairment of goodwill and intangible assets — — 122 400
Non-cash interest expense 15 9 18 22
Deferred income taxes 38 2 (16) (49)
Stock compensation 8 2 4 8
Provision for bad debts 2 — 1 —
Income allocated to minority interests 1 — — —
Deconsolidation of minority interest (7) — — —
Changes in assets and liabilities, net of effects from acquisitions:
Accounts receivable (2) 8 (12) (5)
Deferred income 8 11 15 10
Accounts payable, accrued expenses and other current liabilities 40 12 119 34
Other 1 5 (38) (35)
Net cash provided by operating activities 69 39 121 59
Investing activities:
Property and equipment additions (53) (28) (55) (63)
Acquisition of business, net of acquired cash — — — (437)
Proceeds from sale of business, net of cash assumed by buyer (31) — — —
Proceeds from sales of marketable securities — — — 18
Investments — (1) 1 —
Proceeds from asset sales 4 — — 3
Net cash (used in) investing activities (80) (29) (54) (479)
Financing activities:
Proceeds from initial public offering, net of offering costs 477 — — —
Proceeds from issuance of debt, net of issuance costs 595 — — —
Repayment of note payable to Travelport (860) — — —
Dividend to Travelport (109) — — —
Capital contributions from Cendant or Travelport 25 — — 504
Capital lease and debt payments (3) — (3) (31)
Advances to Travelport (113) (7) (36) (40)
Payment for settlement of tax sharing liability — — (31) —
Proceeds from line of credit 152 — — —
Payments on line of credit (151) — — —
Net cash provided by (used in) financing activities 13 (7) (70) 433
Effects of changes in exchange rates on cash and cash equivalents 5 (11) 1 (9)
Net increase (decrease) in cash and cash equivalents 7 (8) (2) 4
Cash and cash equivalents at beginning of period 18 26 28 24
Cash and cash equivalents at end of period $ 25 $ 18 $ 26 $ 28
Supplemental disclosure of cash flow information:
Income tax payments, net $ 11 $ 3 $ 6 $ 9
Interest payments, net of capitalized interest of $3 million, nil, nil and nil,
respectively $ 74 $ — $ 4 $ 3
Non-cash investing activity:
Non-cash allocation of purchase price related to the Blackstone Acquisition $ 7 $ 1,290 $ — $ —
Non-cash financing activity:
Capital expenditures incurred not yet paid $ 4 $ — $ — $ —
Non-cash capital contributions and distributions to Travelport $ (814) $ — $ — $ —
Non-cash forgiveness of receivable from Cendant $ — $ — $ (67) $ —
Non-cash use of tax benefits by Cendant $ — $ — $ 10 $ —
See Notes to Consolidated Financial Statements.
66
Source: Orbitz Worldwide, In, 10-K/A, August 28, 2008