Hertz 2009 Annual Report Download - page 88

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ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS (Continued)
revenue to our equipment rental and rental related revenue (based on December 31, 2008 foreign exchange rates) for the
years ended December 31, 2009, 2008 and 2007 (in millions of dollars):
Years ended December 31,
2009 2008 2007
Equipment rental revenue per statement of operations ................ $1,110.2 $1,657.3 $1,755.3
Equipment sales and other revenue ............................ (109.1) (177.1) (190.2)
Foreign currency adjustment ................................ (11.6) (45.5) (25.4)
Rental and rental related revenue ............................. $ 989.5 $1,434.7 $1,539.7
(e) Same store revenue growth represents the change in the current period total same store revenue over the prior period total
same store revenue as a percentage of the prior period. The same store revenue amounts are adjusted in all periods to
eliminate the effect of fluctuations in foreign currency. Our management believes eliminating the effect of fluctuations in
foreign currency is appropriate so as not to affect the comparability of underlying trends.
Year Ended December 31, 2009 Compared with Year Ended December 31, 2008
REVENUES
Years Ended
December 31,
2009 2008 $ Change % Change
(in millions of dollars)
Revenues by Segment
Car rental ............................... $5,979.0 $6,858.2 $ (879.2) (12.8)%
Equipment rental .......................... 1,110.9 1,658.1 (547.2) (33.0)%
Other reconciling items ..................... 11.6 8.8 2.8 31.8%
Total revenues .......................... $7,101.5 $8,525.1 $(1,423.6) (16.7)%
Car Rental Segment
Revenues from our car rental segment decreased 12.8%, primarily as a result of lower RPD, an 8.0%
decrease in car rental transaction days worldwide and decreases in refueling fees of $124.3 million and
airport concession recovery fees of $54.1 million, including the effects of foreign currency translation of
approximately $156.9 million.
RPD for worldwide car rental for the year ended December 31, 2009 declined 1.4% from 2008, due to
declines in U.S. and International RPD of 1.6% and 1.1%, respectively. U.S. airport RPD decreased 0.2%
and U.S. off-airport RPD declined by 2.4%.
Equipment Rental Segment
Revenues from our equipment rental segment decreased 33.0%, primarily due to a 27.2% decrease in
equipment rental volume, a 7.4% decline in pricing, a decrease in equipment sales of $65.4 million and
the effects of foreign currency translation of approximately $26.9 million.
Other
Revenues from all other sources increased 31.8%, due to increases in revenues from our third-party
claim management services.
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