eTrade 2009 Annual Report Download - page 173
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CONDENSED STATEMENT OF CASH FLOWS
(In thousands)
Year Ended December 31,
2009 2008 2007
Cash flows from operating activities:
Net loss $(1,297,762) $(511,790) $(1,441,754)
Adjustments to reconcile net loss to net cash provided by (used in)
operating activities:
Depreciation and amortization (including discount amortization) 87,191 99,420 75,057
Losses (gains) on sales of investments, net 150 2,539 (951)
Equity in undistributed loss (income) of subsidiaries 675,700 808,814 1,727,862
Equity in loss of investments and venture funds 6,267 4,960 (5,590)
Gain on sale of the Canadian brokerage business — (428,979) —
(Gains) losses on early extinguishment of debt 968,254 (21,517) —
Share-based compensation 20,779 20,938 15,084
Other 3,548 16,486 4,199
Net effect of changes in assets and liabilities:
(Increase) decrease in other assets (429,058) (508,675) 82,526
Increase (decrease) in accounts payable, accrued and other
liabilities 176,156 58,118 (7,610)
Net cash provided by (used in) operating activities 211,225 (459,686) 448,823
Cash flows from investing activities:
Purchases of property and equipment (86,252) (98,883) (114,838)
Cash contributions to subsidiaries (653,438) (191,831) (1,641,000)
Proceeds from sale of Canadian brokerage business, net — 469,737 —
Other 9,000 (2,266) (17,218)
Net cash (used in) provided by investing activities (730,690) 176,757 (1,773,056)
Cash flows from financing activities:
Proceeds from issuance of common stock 733,119 — 338,978
Proceeds from issuance of springing lien notes — 150,000 1,193,767
Proceeds from issuance of common stock from employee stock
transactions — 2,420 35,981
Repurchases of common stock — — (148,632)
Net cash flow from derivatives hedging liabilities — 59,055 —
Other (19,422) 3,055 16,260
Net cash provided by financing activities 713,697 214,530 1,436,354
Increase (decrease) in cash and equivalents 194,232 (68,399) 112,121
Cash and equivalents, beginning of period 183,264 251,663 139,542
Cash and equivalents, end of period $ 377,496 $ 183,264 $ 251,663
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