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58
ORBITZ WORLDWIDE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Years Ended December 31,
2011 2010 2009
Operating activities:
Net loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (37,277) $ (58,237) $ (336,955)
Adjustments to reconcile net loss to net cash provided by operating activities:
Net gain on extinguishment of debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (57) (2,172)
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,540 72,891 69,156
Impairment of goodwill and intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,891 70,151 331,527
Impairment of property and equipment and other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 11,099 —
Amortization of unfavorable contract liability. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,678) (9,226) (3,300)
Non-cash net interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,008 15,797 15,451
Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 767 1,494 6,920
Stock compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,521 12,535 14,099
Changes in assets and liabilities:
Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7,073) (222) 5,074
Deferred income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,291) (831) 8,575
Due from Travelport, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,960 (12,126) 6,344
Accrued merchant payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,358 14,593 3,582
Accounts payable, accrued expenses and other current liabilities . . . . . . . . . . . . . . . . . . 20,738 (11,636) (10,848)
Other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,618) (7,616) (2,379)
Net cash provided by operating activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117,846 98,609 105,074
Investing activities:
Property and equipment additions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (44,059) (40,010) (42,909)
Changes in restricted cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,471) (132) (682)
Net cash used in investing activities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (47,530) (40,142) (43,591)
Financing activities:
Proceeds from issuance of common stock, net of issuance costs. . . . . . . . . . . . . . . . . . . . . . — 48,930 —
Payments of fees to repurchase a portion of the term loan . . . . . . . . . . . . . . . . . . . . . . . . . . — (248) —
Payments on the term loan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (19,808) (20,994) (5,924)
Payments to extinguish debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (13,488) (7,774)
Employee tax withholdings related to net share settlements of equity-based awards . . . . . . (1,628) (2,984) (422)
Proceeds from exercise of employee stock options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 72 422
Payments on tax sharing liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8,847) (18,885) (11,075)
Proceeds from line of credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 99,457
Payments on line of credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (42,221) (81,052)
Proceeds from note payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 800 —
Payments on note payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (228) (57) —
Net cash used in financing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (30,511) (49,075) (6,368)
Effects of changes in exchange rates on cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . (856) (826) 2,348
Net increase in cash and cash equivalents. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,949 8,566 57,463
Cash and cash equivalents at beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97,222 88,656 31,193
Cash and cash equivalents at end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 136,171 $ 97,222 $ 88,656
Supplemental disclosure of cash flow information:
Income tax payments, net. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,342 $ 1,120 $ 1,151
Cash interest payments, net of capitalized interest of $0, $17 and $82, respectively . . . . . . $ 26,613 $ 27,935 $ 42,075
Non-cash investing activity:
Capital expenditures incurred not yet paid. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 447 $ 2,948 $ 307
Non-cash financing activity:
Repayment of term loan in connection with debt-equity exchange . . . . . . . . . . . . . . . . . . . . $ — $ 49,564 $ —
See Notes to Consolidated Financial Statements.