Hertz 2010 Annual Report Download - page 194

Download and view the complete annual report

Please find page 194 of the 2010 Hertz annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 200

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176
  • 177
  • 178
  • 179
  • 180
  • 181
  • 182
  • 183
  • 184
  • 185
  • 186
  • 187
  • 188
  • 189
  • 190
  • 191
  • 192
  • 193
  • 194
  • 195
  • 196
  • 197
  • 198
  • 199
  • 200

Non-GAAP Reconciliations (Continued)
(In millions, except per share amounts)
Adjusted Pre-Tax Income (Loss), Adjusted Net Income (Loss) and Adjusted Earnings Per Share
Year Ended December 31, 2010 Year Ended December 31, 2009
Other Other
Car Equipment Reconciling Car Equipment Reconciling
Rental Rental Items Total Rental Rental Items Total
Income (loss) before income taxes . . . $ 442.8 $(14.6) $(441.8) $ (13.6) $ 190.1 $(20.7) $(340.4) $(171.0)
Adjustments:
Purchase accounting(a) ......... 37.0 50.1 3.2 90.3 38.2 49.6 2.5 90.3
Non-cash debt charges(b) ........ 133.3 7.5 41.8 182.6 131.7 9.0 31.2 171.9
Restructuring charges(c) ......... 18.1 34.7 1.9 54.7 58.7 38.2 9.9 106.8
Restructuring related charges(c) .... 11.9 0.3 1.0 13.2 42.3 0.3 3.9 46.5
Derivative (gains) losses(c) ........ (0.2) — 3.4 3.2 — — (2.4) (2.4)
Acquisition related costs(d) ....... — — 17.7 17.7 — — — —
Third party bankruptcy reserve(e) .... — — — — 4.3 — — 4.3
Management transition costs(e) ..... — — — — — — 1.0 1.0
Gain on debt buyback(f) ......... — — — — — — (48.5) (48.5)
Adjusted pre-tax income (loss) ...... 642.9 78.0 (372.8) 348.1 465.3 76.4 (342.8) 198.9
Assumed (provision) benefit for income
taxes of 34% ............... (218.6) (26.5) 126.8 (118.3) (158.2) (26.0) 116.6 (67.6)
Noncontrolling interest ........... — — (17.4) (17.4) — — (14.7) (14.7)
Adjusted net income (loss) ........ $424.3 $ 51.5 $(263.4) $ 212.4 $ 307.1 $ 50.4 $(240.9) $ 116.6
Adjusted number of shares outstanding 410.0 407.7
Adjusted earnings per share ....... $ 0.52 $ 0.29
Year Ended December 31, 2008 Year Ended December 31, 2007
Other Other
Car Equipment Reconciling Car Equipment Reconciling
Rental Rental Items Total Rental Rental Items Total
Income (loss) before income taxes . . $(385.3) $(629.3) $(368.2) $(1,382.8) $ 468.6 $ 308.5 $(390.3) $ 386.8
Adjustments:
Purchase accounting(a) ........ 40.2 58.8 2.0 101.0 35.3 58.1 1.8 95.2
Non-cash debt charges(b) ....... 71.1 10.3 18.8 100.2 66.5 11.2 28.2 105.9
Restructuring charges(c) ........ 98.4 103.2 14.6 216.2 64.5 4.9 27.0 96.4
Restructuring related charges(c) . . . 19.5 3.1 3.7 26.3 — — — —
Derivative (gains) losses(c) ...... 2.2 — — 2.2 (4.1) — — (4.1)
Management transition costs(e) .... — — 5.2 5.2 — — 15.0 15.0
Impairment charges(g) ......... 443.0 725.9 — 1,168.9 — — — —
Vacation accrual adjustment(c) .... — — — — (25.8) (8.9) (1.8) (36.5)
Secondary offering costs(e) ...... — — — — — — 2.0 2.0
Adjusted pre-tax income (loss) ..... 289.1 272.0 (323.9) 237.2 605.0 373.8 (318.1) 660.7
Assumed (provision) benefit for
income taxes of 34% in 2008 and
35% in 2007 .............. (98.3) (92.5) 110.1 (80.7) (211.7) (130.8) 111.3 (231.2)
Noncontrolling interest .......... — — (20.8) (20.8) — — (19.7) (19.7)
Adjusted net income (loss) ....... $190.8 $ 179.5 $(234.6) $ 135.7 $ 393.3 $ 243.0 $(226.5) $ 409.8
Adjusted number of shares
outstanding ............... 325.5 324.8
Adjusted earnings per share ...... $ 0.42 $ 1.26