Hertz 2007 Annual Report Download - page 231
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Non-GAAP Reconciliations (Continued)
(In millions)
(a) As defined in the credit agreements for the senior credit facilities, Corporate EBITDA excludes the impact of certain non-cash
expenses and charges. The adjustments reflect the following:
Year Ended December 31, 2007 Year Ended December 31, 2006
Car Equipment Corporate Car Equipment Corporate
Non-Cash Expenses and Charges Rental Rental and Other Total Rental Rental and Other Total
Non-cash amortization of debt costs
included in car rental fleet interest . . $ 64.4 $ — $ — $ 64.4 $ 71.6 $ — $ — $ 71.6
Non-cash stock-based employee
compensation charges ......... — — 26.8 26.8 — — 27.2 27.2
Non-cash charges for workers’
compensation .............. (0.2) 2.7 0.1 2.6 1.4 (0.4) — 1.0
Non-cash charges for pension ...... — — 12.2 12.2 — — 9.1 9.1
Unrealized (gain) loss on derivatives . . — — (3.8) (3.8) — — 2.5 2.5
Unrealized transaction loss on
Euro-denominated debt ........ — — — — — — 19.2 19.2
Total non-cash expenses and charges . $ 64.2 $ 2.7 $ 35.3 $ 102.2 $ 73.0 $ (0.4) $ 58.0 $ 130.6
Year Ended December 31, 2005
(Combined)—Pro Forma
Car Equipment Corporate
Rental Rental and Other Total
Non-cash amortization of debt costs
included in car rental fleet interest . . $ 83.2 $ — $ — $ 83.2
Non-cash stock-based employee
compensation charges ......... — — 10.5 10.5
Non-cash charges for workers’
compensation .............. 11.7 1.0 (0.2) 12.5
Total non-cash expenses and charges . $ 94.9 $ 1.0 $ 10.3 $ 106.2
(b) As defined in the credit agreements for the senior credit facilities, Corporate EBITDA excludes the impact of extraordinary,
unusual or non-recurring gains or losses or charges or credits. The adjustments reflect the following:
Year Ended December 31, 2007 Year Ended December 31, 2006
Extraordinary, Unusual or Car Equipment Corporate Car Equipment Corporate
Non-Recurring Items Rental Rental and Other Total Rental Rental and Other Total
Restructuring charges ........... $ 64.5 $ 4.9 $ 27.0 $ 96.4 $ — $ — $ — $ —
Vacation accrual adjustment ....... (25.8) (8.9) (1.8) (36.5) — — — —
Secondary offering costs ......... — — 2.0 2.0 — — — —
Management transition costs ...... — — 15.0 15.0 — — 9.8 9.8
Gain on sale of swap derivative ..... — — — — — — (1.0) (1.0)
Sponsor termination fee .......... — — — — — — 15.0 15.0
Total extraordinary, unusual or
non-recurring items ........... $ 38.7 $ (4.0) $ 42.2 $ 76.9 $ — $ — $ 23.8 $ 23.8
Year Ended December 31, 2005
(Combined)—Pro Forma
Car Equipment Corporate
Rental Rental and Other Total
European headquarters relocation
costs .................... $ 4.0 $ — $ — $ 4.0
Total extraordinary, unusual or
non-recurring items ........... $ 4.0 $ — $ — $ 4.0
(c) Amounts include the effect of fluctuations in foreign currency.