Hertz 2009 Annual Report Download - page 229
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Non-GAAP Reconciliations (Continued)
(In millions)
EBITDA and Corporate EBITDA
Year Ended December 31, 2009 Year Ended December 31, 2008
Other Other
Car Equipment Reconciling Car Equipment Reconciling
Rental Rental Items Total Rental Rental Items Total
Income (loss) before income
taxes ................. $ 190.1 $ (20.7) $(340.4) $ (171.0) $ (385.3) $(629.3) $(368.2) $(1,382.8)
Depreciation, amortization and
other purchase accounting . . 1,766.3 388.0 8.1 2,162.4 2,003.7 423.6 6.0 2,433.3
Interest, net of interest income . 301.5 53.4 309.4 664.3 444.8 109.5 290.9 845.2
Impairment charges ........ —— — —443.0 725.9 — 1,168.9
Noncontrolling interest ...... ——(14.7) (14.7) ——(20.8) (20.8)
EBITDA ................. 2,257.9 420.7 (37.6) 2,641.0 2,506.2 629.7 (92.1) 3,043.8
Adjustments:
Car rental fleet interest ...... (319.0) ——(319.0) (450.7) ——(450.7)
Car rental fleet depreciation . . . (1,614.2) ——(1,614.2) (1,843.8) ——(1,843.8)
Non-cash expenses and
charges(a) ............ 130.1 — 36.9 167.0 83.0 — 30.0 113.0
Extraordinary, unusual or
non-recurring gains and
losses(b) ............. 105.3 38.5 (38.7) 105.1 108.1 106.3 23.5 237.9
Corporate EBITDA .......... $ 560.1 $459.2 $ (39.4) $ 979.9 $ 402.8 $ 736.0 $ (38.6) $ 1,100.2
(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, 2009 Year Ended December 31, 2008
Other Other
Car Equipment Reconciling Car Equipment Reconciling
Non-Cash Expenses and Charges Rental Rental Items Total Rental Rental Items Total
Non-cash amortization and
write-off of debt costs
included in car rental fleet
interest .............. $130.1 $ — $ — $130.1 $71.0 $ — $ — $ 71.0
Non-cash stock-based
employee compensation
charges .............. —— 34.3 34.3 —— 28.0 28.0
Non-cash charges for pension . —— — ——— 2.0 2.0
Derivative losses .......... —— 2.6 2.6 12.0 ——12.0
Total non-cash expenses and
charges .............. $130.1 $ — $36.9 $167.0 $83.0 $ —$30.0 $113.0
(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, 2009 Year Ended December 31, 2008
Other Other
Extraordinary, Unusual or Car Equipment Reconciling Car Equipment Reconciling
Non-Recurring Items Rental Rental Items Total Rental Rental Items Total
Restructuring charges ...... $ 58.7 $38.2 $ 9.9 $106.8 $ 98.4 $103.2 $14.6 $216.2
Restructuring related charges . 42.3 0.3 3.9 46.5 19.5 3.1 3.7 26.3
Third party bankruptcy reserve 4.3 ——4.3 —— — —
Gain on debt buyback ..... —— (48.5) (48.5) —— — —
Derivative gains .......... —— (5.0) (5.0) (9.8) ——(9.8)
Management transition costs . —— 1.0 1.0 —— 5.2 5.2
Total extraordinary, unusual or
non-recurring items ...... $105.3 $38.5 $(38.7) $105.1 $108.1 $106.3 $23.5 $237.9