Hertz 2010 Annual Report Download - page 192

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Non-GAAP Reconciliations
(In millions)
Condensed Consolidated Statements of Operations
Year Ended December 31, 2010 Year Ended December 31, 2009
As As As As
Reported Adjustments Adjusted Reported Adjustments Adjusted
Total revenues ................. $7,562.5 $ — $7,562.5 $7,101.5 $ — $7,101.5
Expenses:
Direct operating ............... 4,282.4 (128.6)(a) 4,153.8 4,084.2 (170.6)(a) 3,913.6
Depreciation of revenue earning
equipment and lease charges ..... 1,868.1 (14.3)(b) 1,853.8 1,931.4 (14.3)(b) 1,917.1
Selling, general and administrative . . . 664.5 (36.2)(c) 628.3 641.1 (61.6)(c) 579.5
Interest expense ............... 773.4 (182.6)(d) 590.8 680.3 (171.9)(d) 508.4
Interest and other income, net ...... (12.3) — (12.3) (64.5) 48.5 (f) (16.0)
Total expenses ................. 7,576.1 (361.7) 7,214.4 7,272.5 (369.9) 6,902.6
Income (loss) before income taxes .... (13.6) 361.7 348.1 (171.0) 369.9 198.9
(Provision) benefit for taxes on income . . (17.0) (101.3)(e) (118.3) 59.7 (127.3)(e) (67.6)
Net income (loss) ............... (30.6) 260.4 229.8 (111.3) 242.6 131.3
Less: Net income attributable to
noncontrolling interest ........... (17.4) — (17.4) (14.7) — (14.7)
Net income (loss) attributable to Hertz
Global Holdings, Inc. and Subsidiaries’
common stockholders ........... $ (48.0) $ 260.4 $ 212.4 $ (126.0) $ 242.6 $ 116.6
Year Ended December 31, 2008 Year Ended December 31, 2007
As As As As
Reported Adjustments Adjusted Reported Adjustments Adjusted
Total revenues ................. $8,525.1 $ — $8,525.1 $8,685.6 $ — $8,685.6
Expenses:
Direct operating ............... 4,930.0 (263.5)(a) 4,666.5 4,644.1 (85.0)(a) 4,559.1
Depreciation of revenue earning
equipment and lease charges ..... 2,194.2 (22.6)(b) 2,171.6 2,003.4 (19.6)(b) 1,983.8
Selling, general and administrative . . . 769.6 (64.8)(c) 704.8 775.9 (63.4)(c) 712.5
Interest expense ............... 870.0 (100.2)(d) 769.8 916.7 (105.9)(d) 810.8
Interest and other income, net ...... (24.8) — (24.8) (41.3) — (41.3)
Impairment charges ............ 1,168.9 (1,168.9)(g) — — — —
Total expenses ................. 9,907.9 (1,620.0) 8,287.9 8,298.8 (273.9) 8,024.9
Income (loss) before income taxes .... (1,382.8) 1,620.0 237.2 386.8 273.9 660.7
(Provision) benefit for taxes on income . . 196.9 (277.6)(e) (80.7) (102.6) (128.6)(e) (231.2)
Net income (loss) ............... (1,185.9) 1,342.4 156.5 284.2 145.3 429.5
Less: Net income attributable to
noncontrolling interest ........... (20.8) — (20.8) (19.7) — (19.7)
Net income (loss) attributable to Hertz
Global Holdings, Inc. and Subsidiaries’
common stockholders ........... $(1,206.7) $ 1,342.4 $ 135.7 $ 264.5 $ 145.3 $ 409.8