Hertz 2010 Annual Report Download - page 196

Download and view the complete annual report

Please find page 196 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)
EBITDA, Corporate EBITDA and Levered After-Tax Cash Flow After Fleet Growth
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)
Depreciation, amortization and
other purchase accounting . . . 1,740.9 341.6 9.8 2,092.3 1,766.3 388.0 8.1 2,162.4
Interest, net of interest income . . 390.2 39.3 331.6 761.1 301.5 53.4 309.4 664.3
Noncontrolling interest ....... — — (17.4) (17.4) — — (14.7) (14.7)
EBITDA ................. 2,573.9 366.3 (117.8) 2,822.4 2,257.9 420.7 (37.6) 2,641.0
Adjustments:
Car rental fleet interest ....... (384.4) — — (384.4) (319.0) — — (319.0)
Car rental fleet depreciation . . . (1,594.6) — — (1,594.6) (1,614.2) — — (1,614.2)
Non-cash expenses and
charges(a) ............. 135.0 0.1 37.2 172.3 130.1 — 36.9 167.0
Extraordinary, unusual or
non-recurring gains and
losses(b) .............. 30.0 35.0 20.6 85.6 105.3 38.5 (38.7) 105.1
Corporate EBITDA ........... $ 759.9 $401.4 $ (60.0) 1,101.3 $ 560.1 $459.2 $ (39.4) 979.9
Equipment rental maintenance
capital expenditures, net .... (255.2) (294.4)
Non-fleet capital expenditures,
net ................. (134.4) (91.9)
Changes in working capital .... 360.4 (241.0)
Changes in other assets and
liabilities .............. (280.2) 238.8
Corporate net cash interest .... (319.4) (296.7)
Corporate cash taxes ....... (50.7) (31.3)
Equipment rental fleet growth
capital expenditures ....... 114.3 343.4
Car rental net fleet equity
requirement ............ (267.0) (423.4)
Levered after-tax cash flow after
fleet growth(c) ............ $ 269.1 $ 183.4