Orbitz 2013 Annual Report Download - page 55

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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,
2013 2012 2011
Operating activities:
Net income/(loss) $ 165,085 $ (301,738) $ (37,277)
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:
Depreciation and amortization 55,110 57,046 60,540
Impairment of goodwill and intangible assets — 321,172 49,891
Impairment of property and equipment and other assets 2,636 1,417 —
Amortization of unfavorable contract liability (3,580) (6,717) (1,678)
Non-cash net interest expense 14,959 13,251 15,008
Deferred income taxes (167,479) 869 767
Stock compensation 12,913 7,566 8,521
Changes in assets and liabilities:
Accounts receivable (7,906) (12,549) (7,073)
Due from Travelport, net (6,735) (1,624) 12,960
Accounts payable, accrued expenses and other current liabilities 20,209 (5,549) 20,738
Accrued merchant payable 66,814 28,065 1,358
Deferred income 5,130 8,429 (2,291)
Other (3,913) (2,579) (3,618)
Net cash provided by operating activities 153,243 107,059 117,846
Investing activities:
Property and equipment additions (39,302) (47,026) (44,059)
Changes in restricted cash (93,965) (16,812) (3,471)
Net cash used in investing activities (133,267) (63,838) (47,530)
Financing activities:
Payments on and retirement of term loans (896,780) (32,183) (19,808)
Issuance of long-term debt, net of issuance costs 877,718 — —
Employee tax withholdings related to net share settlements of
equity-based awards (6,472) (2,179) (1,628)
Proceeds from exercise of employee stock options 7,340 — —
Payments on tax sharing liability (16,765) (15,408) (8,847)
Payments on note payable — (231) (228)
Net cash used in financing activities (34,959) (50,001) (30,511)
Effects of changes in exchange rates on cash and cash equivalents 2,106 871 (856)
Net increase/(decrease) in cash and cash equivalents (12,877) (5,909) 38,949
Cash and cash equivalents at beginning of year 130,262 136,171 97,222
Cash and cash equivalents at end of year $ 117,385 $ 130,262 $ 136,171