Orbitz 2009 Annual Report Download - page 69

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ORBITZ WORLDWIDE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
Year Ended
December 31,
2008
Successor
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
Operating activities:
Net loss . ............................................ $(299) $ (85) $ (25) $(121)
Adjustments to reconcile net loss to net cash provided by operating
activities:
Depreciation and amortization ............................ 66 57 18 37
Impairment of goodwill and intangible assets .................. 297 — — 122
Non-cash revenue . . .................................. (3) (7) (3) (8)
Non-cash interest expense. . ............................. 18 15 9 18
Deferred income taxes ................................. (4) 38 2 (16)
Stock compensation. .................................. 15 8 2 4
Provision for bad debts . . . ............................. — 2 — 1
Income allocated to minority interests ....................... — 1 — —
Deconsolidation of minority interests ....................... — (7) — —
Changes in assets and liabilities, net of effects from acquisitions:
Accounts receivable ................................. — (2) 8 (12)
Deferred income . .................................. — 8 11 15
Due to/from Travelport, net ............................ (5) 2 — —
Accounts payable, accrued merchant payable, accrued expenses and
other current liabilities. ............................. — 38 12 119
Other . . . ....................................... (9) 1 5 (38)
Net cash provided by operating activities ...................... 76 69 39 121
Investing activities:
Property and equipment additions . . ........................ (58) (53) (28) (55)
Proceeds from sale of business, net of cash assumed by buyer . . . .... — (31) — —
Investments . ....................................... — — (1) 1
Proceeds from asset sales . . ............................. — 4 — —
Net cash (used in) investing activities ......................... (58) (80) (29) (54)
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 Travelport ....................... — 25 — —
Capital lease and debt payments . . ........................ (7) (3) — (3)
Advances to Travelport . . . ............................. — (113) (7) (36)
Payment to satisfy employee tax withholding obligations upon vesting
of equity-based awards . . ............................. (1) — — —
Payments on tax sharing liability . . ........................ (20) — — (31)
Proceeds from line of credit ............................. 69 152 — —
Payments on line of credit . ............................. (49) (151) — —
Net cash (used in) provided by financing activities ................ (8) 13 (7) (70)
Effects of changes in exchange rates on cash and cash equivalents . . . .... (4) 5 (11) 1
Net increase (decrease) in cash and cash equivalents. . . .............. 6 7 (8) (2)
Cash and cash equivalents at beginning of period ................... 25 18 26 28
Cash and cash equivalents at end of period ..................... $ 31 $ 25 $ 18 $ 26
Supplemental disclosure of cash flow information:
Income tax (refunds) payments, net ........................ $ (2) $ 11 $ 3 $ 6
Cash interest payments, net of capitalized interest of $1, $3, $0, and $0,
respectively ...................................... $ 47 $ 74 — $ 4
Non-cash investing activity:
Capital expenditures incurred not yet paid . ................... $ 2 $ 4 — —
Non-cash allocation of purchase price related to the Blackstone
Acquisition....................................... — $ 7 $1,290 —
Non-cash financing activity:
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.
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