Hertz 2009 Annual Report Download - page 230

Non-GAAP Reconciliations (Continued)
(In millions)
Reconciliation from Operating Cash Flows to EBITDA:
Years ended December 31,
2009 2008
Net cash provided by operating activities ........................ $1,775.0 $2,544.2
Amortization of debt costs .................................. (97.3) (88.1)
Gain on extinguishment of debt .............................. 48.5 —
Provision for losses on doubtful accounts ...................... (28.0) (31.1)
Derivative losses ........................................ (0.4) (12.0)
Gain on sale of property and equipment ....................... 1.1 9.6
Amortization and ineffectiveness of interest rate swaps ............. (74.6) (11.8)
Stock-based compensation charges ........................... (35.5) (28.0)
Asset writedowns ........................................ (36.1) (93.2)
Noncontrolling interest .................................... (14.7) (20.8)
Deferred taxes on income .................................. (111.2) 234.8
Benefit for taxes on income ................................. (59.7) (196.9)
Interest expense, net of interest income ........................ 664.3 845.2
Net changes in assets and liabilities .......................... 609.6 (108.1)
EBITDA ................................................. $2,641.0 $3,043.8
Reconciliation from Operating Cash Flows to Total Net Cash Flow:
Years Ended December 31,
2009 2008 2007 2006
Net cash provided by operating activities ......... $1,775.0 $ 2,544.2 $ 2,804.7 $ 2,366.6
Net cash used in investing activities ............ (1,289.8) (1,908.3) (2,058.8) (2,040.0)
Net change in restricted cash ................. (368.7) 71.8 105.9 260.2
Payment of financing costs ................... (45.0) (61.2) (39.9) (40.8)
Payment of debt offering costs ................ (15.3) ———
Gain on extinguishment of debt ............... 48.5 ———
Proceeds from exercise of stock options ......... 5.3 6.8 5.6 —
Proceeds from employee stock purchase plan ..... 2.4 ———
Distributions to noncontrolling interest ........... (15.1) (24.2) (13.5) (10.8)
Proceeds from sale of stock and conversion feature
on debt ............................... 646.9 ——1,284.5
Dividends paid ............................ ———(1,259.5)
Purchase of stock ......................... (2.2) ———
Proceeds from the disgorgement of stockholder
short-swing profits ....................... ——4.8 —
Cash overdraft reclass ...................... (8.6) (36.0) 39.0 (6.3)
Total net cash flow ......................... $ 733.4 $ 593.1 $ 847.8 $ 553.9