Hertz 2008 Annual Report Download - page 250

Non-GAAP Reconciliations (Continued)
(In millions)
Reconciliation from Operating Cash Flows to EBITDA:
Years ended
December 31,
2008 2007
Net cash provided by operating activities ..................... $2,095.5 $ 3,089.5
Amortization and write-off of debt costs and debt modification costs . (88.1) (85.3)
Stock-based employee compensation charges ............... (28.0) (32.9)
Unrealized gain (loss) on derivatives ...................... (12.0) 3.9
Loss on ineffectiveness of interest rate swaps ................ (11.8) (20.4)
Provision for losses on doubtful accounts ................... (31.1) (13.9)
Asset writedowns ................................... (93.2) —
Minority interest .................................... (20.8) (19.7)
Deferred taxes on income .............................. 234.8 (59.7)
Gain on sale of property and equipment .................... 9.6 24.8
Impairment charges .................................. (1,168.9) —
Provision (benefit) for taxes on income ..................... (196.9) 102.6
Interest expense, net of interest income .................... 845.2 875.4
Net changes in assets and liabilities ....................... 340.6 (378.7)
EBITDA ........................................... $1,874.9 $ 3,485.6
Reconciliation from Operating Cash Flows to Total Net Cash Flow:
Years Ended December 31,
2008 2007 2006
Net cash provided by operating activities ..................... $2,095.5 $ 3,089.5 $ 2,604.8
Net cash used in investing activities ........................ (1,459.6) (2,343.6) (2,278.2)
Net change in restricted cash ............................. 71.8 105.9 260.2
Payment of financing costs .............................. (61.2) (39.9) (40.8)
Exercise of stock options ............................... 6.8 5.6 —
Distributions of minority interest ........................... (24.2) (13.5) (10.8)
Proceeds from sale of stock ............................. — — 1,284.5
Dividends paid ....................................... — — (1,259.5)
Proceeds from the disgorgement of stockholder short-swing profits . . . — 4.8 —
Cash overdraft reclass ................................. (36.0) 39.0 (6.3)
Total net cash flow .................................... $ 593.1 $ 847.8 $ 553.9
Three Months
Ended
December 31,
2008
Net cash provided by operating activities ..................... $ 520.7
Net cash provided by investing activities ..................... 1,077.3
Net change in restricted cash ............................. 217.9
Payment of financing costs .............................. (27.4)
Distributions of minority interest ........................... (11.2)
Cash overdraft reclass ................................. (10.3)
Total net cash flow .................................... $1,767.0