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See Notes to Consolidated Financial Statements
55
ORBITZ WORLDWIDE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Years Ended December 31,
2012 2011 2010
Operating activities:
Net loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (301,738) $ (37,277) $ (58,237)
Adjustments to reconcile net loss to net cash provided by operating activities:
Net gain on extinguishment of debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — (57)
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57,046 60,540 72,891
Impairment of goodwill and intangible assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 321,172 49,891 70,151
Impairment of property and equipment and other assets . . . . . . . . . . . . . . . . . . . . . . 1,417 — 11,099
Amortization of unfavorable contract liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6,717) (1,678) (9,226)
Non-cash net interest expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,251 15,008 15,797
Deferred income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 869 767 1,494
Stock compensation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,566 8,521 12,535
Changes in assets and liabilities:
Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (12,549) (7,073) (222)
Due from Travelport, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,624) 12,960 (12,126)
Accounts payable, accrued expenses and other current liabilities . . . . . . . . . . . . . . (5,549) 20,738 (11,636)
Accrued merchant payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,065 1,358 14,593
Deferred income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,429 (2,291) (831)
Other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,579) (3,618) (7,616)
Net cash provided by operating activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107,059 117,846 98,609
Investing activities:
Property and equipment additions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (47,026) (44,059) (40,010)
Changes in restricted cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (16,812) (3,471) (132)
Net cash used in investing activities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (63,838) (47,530) (40,142)
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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (32,183) (19,808) (20,994)
Payments to extinguish debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — (13,488)
Employee tax withholdings related to net share settlements of
equity-based awards. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,179) (1,628) (2,984)
Proceeds from exercise of employee stock options . . . . . . . . . . . . . . . . . . . . . . . . . . — — 72
Payments on tax sharing liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (15,408) (8,847) (18,885)
Payments on line of credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — (42,221)
Proceeds from note payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 800
Payments on note payable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (231) (228) (57)
Net cash used in financing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (50,001) (30,511) (49,075)
Effects of changes in exchange rates on cash and cash equivalents . . . . . . . . . . . . . . . . . . 871 (856) (826)
Net increase/(decrease) in cash and cash equivalents. . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,909) 38,949 8,566
Cash and cash equivalents at beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 136,171 97,222 88,656
Cash and cash equivalents at end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 130,262 $ 136,171 $ 97,222