Hertz 2007 Annual Report Download - page 230

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Non-GAAP Reconciliations (Continued)
(In millions)
Year Ended December 31, 2005
(Combined)—Pro Forma
Car Equipment Corporate
Rental Rental and Other Total
Income (loss) before income taxes
and minority interest ........ $ 291.6 $ 173.3 $(335.2) $ 129.7
Depreciation and amortization . . 1,551.9 321.4 5.5 1,878.8
Interest, net of interest income . . 421.0 91.7 310.9 823.6
Minority interest ........... — — (12.6) (12.6)
EBITDA .................. 2,264.5 586.4 (31.4) 2,819.5
Adjustments:
Car rental fleet interest ....... (406.9) — — (406.9)
Car rental fleet depreciation . . . (1,381.5) — — (1,381.5)
Non-cash expenses and charges
(a).................. 94.9 1.0 10.3 106.2
Extraordinary, unusual or
non-recurring gains and losses
(b).................. 4.0 — — 4.0
Corporate EBITDA ........... $ 575.0 $ 587.4 $ (21.1) 1,141.3
Equipment rental maintenance
capital expenditures, net .... (248.0)
Non-fleet capital expenditures,
net.................. (302.2)
Changes in working capital .... (125.5)
Changes in other assets and
liabilities .............. 126.8
Unlevered pre-tax cash flow (c) . . . 592.4
Corporate net cash interest .... (390.2)
Corporate cash taxes ....... (29.5)
Levered after-tax cash flow before
fleet growth (c) ........... 172.7
Equipment rental fleet growth
capital expenditures ....... (408.6)
Car rental net fleet equity
requirement ............ (213.8)
Levered after-tax cash flow after
fleet growth (c) ........... $ (449.7)