Hertz 2009 Annual Report Download - page 225

Non-GAAP Reconciliations
(In millions)
Condensed Consolidated Statements of Operations
Year Ended December 31, 2009 Year Ended December 31, 2008
As As As As
Reported Adjustments Adjusted Reported Adjustments Adjusted
Total revenues ................. $7,101.5 $ — $7,101.5 $ 8,525.1 $ —$8,525.1
Expenses:
Direct operating ............... 4,084.2 (170.6)(a) 3,913.6 4,930.0 (263.5)(a) 4,666.5
Depreciation of revenue earning
equipment ................. 1,931.4 (14.3)(b) 1,917.1 2,194.2 (22.6)(b) 2,171.6
Selling, general and administrative . . . 641.1 (61.6)(c) 579.5 769.6 (64.8)(c) 704.8
Interest expense ............... 680.3 (171.9)(d) 508.4 870.0 (100.2)(d) 769.8
Interest and other income, net ...... (64.5) 48.5(e) (16.0) (24.8) —(24.8)
Impairment charges ............ —— —1,168.9 (1,168.9)(g) —
Total expenses ................. 7,272.5 (369.9) 6,902.6 9,907.9 (1,620.0) 8,287.9
Income (loss) before income taxes .... (171.0) 369.9 198.9 (1,382.8) 1,620.0 237.2
(Provision) benefit for taxes on income . . 59.7 (127.3)(f) (67.6) 196.9 (277.6)(f) (80.7)
Net income (loss) ............... (111.3) 242.6 131.3 (1,185.9) 1,342.4 156.5
Less: Net income attributable to
noncontrolling interest ........... (14.7) —(14.7) (20.8) —(20.8)
Net income (loss) attributable to Hertz
Global Holdings, Inc. and Subsidiaries’
common stockholders ........... $(126.0) $ 242.6 $ 116.6 $(1,206.7) $ 1,342.4 $ 135.7
Year Ended December 31, 2007 Year Ended December 31, 2006
As As As As
Reported Adjustments Adjusted Reported Adjustments Adjusted
Total revenues ................. $8,685.6 $ — $8,685.6 $ 8,058.4 $ —$8,058.4
Expenses:
Direct operating ............... 4,644.1 (85.0)(a) 4,559.1 4,476.0 (75.9)(a) 4,400.1
Depreciation of revenue earning
equipment ................. 2,003.4 (19.6)(b) 1,983.8 1,757.2 (13.8)(b) 1,743.4
Selling, general and administrative . . . 775.9 (63.4)(c) 712.5 723.9 (57.0)(c) 666.9
Interest expense ............... 916.7 (105.9)(d) 810.8 943.3 (139.4)(d) 803.9
Interest and other income, net ...... (41.3) —(41.3) (42.6) —(42.6)
Total expenses ................. 8,298.8 (273.9) 8,024.9 7,857.8 (286.1) 7,571.7
Income before income taxes ........ 386.8 273.9 660.7 200.6 286.1 486.7
Provision for taxes on income ....... (102.6) (128.6)(f) (231.2) (68.0) (102.3)(f) (170.3)
Net income ................... 284.2 145.3 429.5 132.6 183.8 316.4
Less: Net income attributable to
noncontrolling interest ........... (19.7) —(19.7) (16.7) —(16.7)
Net income attributable to Hertz Global
Holdings, Inc. and Subsidiaries’
common stockholders ........... $ 264.5 $ 145.3 $ 409.8 $ 115.9 $ 183.8 $ 299.7
(a) Represents the increase in amortization of other intangible assets, depreciation of property and equipment and accretion of
certain revalued liabilities relating to purchase accounting. For the years ended December 31, 2009, 2008 and 2007, also
includes restructuring and restructuring related charges of $99.6 million, $185.9 million and $41.2 million, respectively. For
the year ended December 31, 2009, also includes gasoline hedge gains of $5.0 million. For the year ended December 31,
2007, also includes a vacation accrual adjustment of $29.8 million.
(b) Represents the increase in depreciation of revenue earning equipment based upon its revaluation relating to purchase
accounting.