Hertz 2007 Annual Report Download - page 229

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Non-GAAP Reconciliations (Continued)
(In millions)
EBITDA, Corporate EBITDA, Unlevered Pre-Tax Cash Flow, Levered After-Tax Cash Flow Before
Fleet Growth and After Fleet Growth
Year Ended December 31, 2007 Year Ended December 31, 2006
Car Equipment Corporate Car Equipment Corporate
Rental Rental and Other Total Rental Rental and Other Total
Income (loss) before income
taxes and minority interest . . $ 468.6 $ 308.5 $(390.3) $ 386.8 $ 373.5 $ 269.5 $(442.4) $ 200.6
Depreciation and
amortization .......... 1,856.6 380.6 5.9 2,243.1 1,659.9 350.3 5.9 2,016.1
Interest, net of interest
income ............. 436.8 146.3 292.3 875.4 424.1 140.0 336.6 900.7
Minority interest ......... — — (19.7) (19.7) — — (16.7) (16.7)
EBITDA ............... 2,762.0 835.4 (111.8) 3,485.6 2,457.5 759.8 (116.6) 3,100.7
Adjustments:
Car rental fleet interest .... (427.8) — — (427.8) (400.0) — — (400.0)
Car rental fleet depreciation . (1,695.4) — — (1,695.4) (1,479.6) — — (1,479.6)
Non-cash expenses and
charges (a) .......... 64.2 2.7 35.3 102.2 73.0 (0.4) 58.0 130.6
Extraordinary, unusual or
non-recurring gains and
losses (b) ........... 38.7 (4.0) 42.2 76.9 — — 23.8 23.8
Sponsors’ fees ......... — — — — — — 3.2 3.2
Corporate EBITDA ........ $ 741.7 $ 834.1 $ (34.3) 1,541.5 $ 650.9 $ 759.4 $ (31.6) 1,378.7
Equipment rental
maintenance capital
expenditures, net ...... (272.8) (236.5)
Non-fleet capital
expenditures, net ...... (154.6) (175.3)
Changes in working capital . 283.6 15.3
Changes in other assets and
liabilities ............ (127.5) (87.4)
Unlevered pre-tax cash flow (c) 1,270.2 894.8
Corporate net cash interest . (399.6) (430.3)
Corporate cash taxes ..... (28.3) (33.6)
Levered after-tax cash flow
before fleet growth (c) ..... 842.3 430.9
Equipment rental fleet growth
capital expenditures ..... (281.8) (392.9)
Car rental net fleet equity
requirement .......... (7.9) 246.2
Levered after-tax cash flow after
fleet growth (c) ......... $ 552.6 $ 284.2