Hertz 2010 Annual Report Download - page 197
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Non-GAAP Reconciliations (Continued)
(In millions)
EBITDA, Corporate EBITDA and Levered After-Tax Cash Flow After Fleet Growth (Continued)
(a) As defined in the credit agreements for the senior credit facilities, Corporate EBITDA excludes the impact of certain non-cash
expenses and charges. The adjustments reflect the following:
Year Ended December 31, 2010 Year Ended December 31, 2009
Other Other
Car Equipment Reconciling Car Equipment Reconciling
Non-Cash Expenses and Charges Rental Rental Items Total Rental Rental Items Total
Non-cash amortization and write-off of debt
costs included in car rental fleet interest . . $132.5 $ — $ — $132.5 $130.1 $— $ — $130.1
Non-cash stock-based employee
compensation charges ............. 2.7 0.1 33.8 36.6 — — 34.3 34.3
Derivative losses .................. (0.2) — 3.4 3.2 — — 2.6 2.6
Total non-cash expenses and charges ..... $135.0 $0.1 $37.2 $172.3 $130.1 $— $36.9 $167.0
(b) As defined in the credit agreements for the senior credit facilities, Corporate EBITDA excludes the impact of extraordinary, unusual or
non-recurring gains or losses or charges or credits. The adjustments reflect the following:
Year Ended December 31, 2010 Year Ended December 31, 2009
Other Other
Extraordinary, Unusual or Non-Recurring Car Equipment Reconciling Car Equipment Reconciling
Items Rental Rental Items Total Rental Rental Items Total
Restructuring charges ............... $18.1 $34.7 $ 1.9 $54.7 $ 58.7 $38.2 $ 9.9 $106.8
Restructuring related charges ........... 11.9 0.3 1.0 13.2 42.3 0.3 3.9 46.5
Acquisition related costs .............. — — 17.7 17.7 — — — —
Third party bankruptcy reserve .......... — — — — 4.3 — — 4.3
Gain on debt buyback ............... — — — — — — (48.5) (48.5)
Derivative gains ................... — — — — — — (5.0) (5.0)
Management transition costs ........... — — — — — — 1.0 1.0
Total extraordinary, unusual or non-recurring
items ........................ $30.0 $35.0 $20.6 $85.6 $105.3 $38.5 $(38.7) $105.1
(c) Amounts include the effect of fluctuations in foreign currency.