Attached files
Exhibit 99.31
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED) (a)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2012 AND 2011
(IN THOUSANDS)
| Nine Months Ended September 30, 2012 | Nine Months Ended September 30, 2011 | |||||||||||||||||||||||
| Swift Transportation Company |
Central Refrigerated Transportation, Inc. |
Total (recast) |
Swift Transportation Company |
Central Refrigerated Transportation, Inc. |
Total (recast) |
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| Net cash provided by operating activities |
$ | 259,246 | $ | 25,336 | $ | 284,582 | $ | 217,221 | $ | 13,114 | $ | 230,335 | ||||||||||||
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| Cash flows from investing activities: |
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| Decrease in restricted cash |
16,892 | — | 16,892 | 9,994 | — | 9,994 | ||||||||||||||||||
| Change in restricted investments |
(18,216 | ) | — | (18,216 | ) | — | — | — | ||||||||||||||||
| Funding of note receivable |
(7,500 | ) | — | (7,500 | ) | — | — | — | ||||||||||||||||
| Proceeds from sale of property and equipment |
89,610 | 16,723 | 106,333 | 46,869 | 9,464 | 56,333 | ||||||||||||||||||
| Capital expenditures |
(202,464 | ) | (18,570 | ) | (221,034 | ) | (168,046 | ) | (9,127 | ) | (177,173 | ) | ||||||||||||
| Payments received on notes receivable |
4,357 | — | 4,357 | 5,118 | — | 5,118 | ||||||||||||||||||
| Expenditures on assets held for sale |
(5,935 | ) | — | (5,935 | ) | (6,093 | ) | — | (6,093 | ) | ||||||||||||||
| Payments received on assets held for sale |
11,337 | — | 11,337 | 9,089 | — | 9,089 | ||||||||||||||||||
| Payments received on equipment sales receivables |
5,580 | — | 5,580 | — | — | — | ||||||||||||||||||
| Other investing activities |
(500 | ) | — | (500 | ) | — | 275 | 275 | ||||||||||||||||
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| Net cash used in investing activities |
(106,839 | ) | (1,847 | ) | (108,686 | ) | (103,069 | ) | 612 | (102,457 | ) | |||||||||||||
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| Cash flows from financing activities: |
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| Proceeds from issuance of Class A common stock, net |
— | — | — | 62,994 | — | 62,994 | ||||||||||||||||||
| Repayment of long-term debt and capital leases |
(215,141 | ) | (18,212 | ) | (233,353 | ) | (189,390 | ) | (13,398 | ) | (202,788 | ) | ||||||||||||
| Proceeds from long-term debt |
10,000 | — | 10,000 | — | 5,000 | 5,000 | ||||||||||||||||||
| Payment of deferred loan costs |
(9,023 | ) | — | (9,023 | ) | (3,711 | ) | — | (3,711 | ) | ||||||||||||||
| Net borrowings (repayments) on revolving line of credit |
— | 4,834 | 4,834 | — | 7,600 | 7,600 | ||||||||||||||||||
| Borrowings under accounts receivable securitization |
211,000 | — | 211,000 | 164,000 | — | 164,000 | ||||||||||||||||||
| Repayment of accounts receivable securitization |
(187,000 | ) | — | (187,000 | ) | (155,500 | ) | — | (155,500 | ) | ||||||||||||||
| Issuance of stockholders’ loan receivable |
— | — | — | — | (12,000 | ) | (12,000 | ) | ||||||||||||||||
| Distribution to stockholders’ |
— | (10,111 | ) | (10,111 | ) | — | (2,564 | ) | (2,564 | ) | ||||||||||||||
| Other financing activities |
(1,006 | ) | — | (1,006 | ) | 138 | — | 138 | ||||||||||||||||
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| Net cash used in financing activities |
(191,170 | ) | (23,489 | ) | (214,659 | ) | (121,469 | ) | (15,362 | ) | (136,831 | ) | ||||||||||||
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| Net decrease in cash and cash equivalents |
(38,763 | ) | — | (38,763 | ) | (7,317 | ) | (1,636 | ) | (8,953 | ) | |||||||||||||
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| Cash and cash equivalents at beginning of period |
82,084 | — | 82,084 | 47,494 | 1,636 | 49,130 | ||||||||||||||||||
| Cash and cash equivalents at end of period |
$ | 43,321 | $ | — | $ | 43,321 | $ | 40,177 | $ | — | $ | 40,177 | ||||||||||||
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| (a) | On August 6, 2013, Swift Transportation Company (the “Company” or “Swift”) entered into a Stock Purchase Agreement with the shareholders of Central Refrigerated Transportation, Inc. (“Central”), pursuant to which the Company acquired all of the outstanding capital stock of Central (the “Acquisition”) in a cash transaction valued at $225 million. Mr. Jerry Moyes, the Chief Executive Officer and controlling stockholder of Swift, was the majority shareholder of Central. Given Mr. Moyes’ majority ownership in both Swift and Central, the Acquisition is accounted for as a combination of entities under common control similar to the pooling of interest method. Under common control accounting, the historical results of Central have been combined with Swift’s. The above Condensed Consolidating Statement of Cash Flows for the nine months ended September 30, 2012 and 2011 reflects the combination of the entities as if the Acquisition was effective on January 1, 2011. |